Maybe it's because I'm just not a graphics [censored], but I think that, when done right, console games can look damn good (well, PS3 anyway... don't own a 360). So if they can go a bit above what consoles are capable of (not talking about the average console game), then we should do well.
This is not to say, however, that I would turn down directx 11 features and PhysX. I
am building a new PC for this game, after all...