Well, at this point PS3 is already an old console but I have to say yes - some games, Uncharted 2, God of War 3 - this is pretty comparable with today's PC quality graphics. Aside from the fact that it's 720p - it's a very, very impressive thing.
Also, anyone who knows Sony well will know that they release great stuff on old console to boost sales near the end. Like God of War 1-2 on PS2. Right now every sold PS3 is a profit for Sony and they will take advantage of that.
@Joccaren Ahem, sorry but I have Crysis on PC (and actually on PS3, although right now I've deleted them both). It has amazing textures, but a lot of models are really, really low-polygon. Chickens, turtles, misc objects, even Korean soldiers in places are pretty ugly. Even Uncharted 2 uses way better models. Although, of course, this is achieved by Uncharted 2 using a ton of LOD models, but it's the end result is what counts.