I know, at at that time they'll be having BF3, Rage. Perhaps W2. Already got Crysis 2. Those slaughter the Skyrim graphics. Brink graphics got like 6-7/10 from most reviews, and even I thought those looked pretty good.
Rage doesn't look markedly better than Skyrim, really. for one it's got a static skybox and baked shadows, while Skyrim's got volumetric clouds and full dynamic lighting - previewers have already complained about how the dynamic shadows cast from creatures look weird against the baked shadows cast by buildings. also, everything we've seen of BF3 is PC screenshots. i really don't think it'll be that big an improvement over Bad Company 2 overall on consoles.
Crysis 2 looks good but it's also corridors with a really low draw distance with tons of bloom to mask it and a lot of corner cutting (like making trash in water a 2D water texture). The Witcher 2 looks good but it's also corridors with a really low draw distance and tons of depth of field to mask it, and if it's ever released on consoles it won't be until next year at the earliest.
apart from maybe faces and animations, Skyrim's graphics are fully comparable to Red Dead Redemption, and that's pretty widely praised as a beautiful game even with all the LOD pop-in issues and weird texture streaming.