FFXIV is very graphically impressive.
FFXIV is also so incredibly bad that Square-Enix has yet to begin charging for it, in a desperate attempt to retain enough players to keep the game alive until they get a second chance to launch it with the PS3 version.
Graphics are far from everything in an MMO, as has been said numerous times already in this thread. Gameplay will matter more in the long run, I expect, particularly in this instance. Which may or may not help SW:TOR, since we have no idea how good that gameplay is going to be.
From the look of things... I'm not overly hopeful that this will be the major event that many people are expecting.