Hmmm, well I'd personally look towards a lot of the games that were originally being developed for last gen hardware and then ported to the new system to boost sales.
I believe this was the case of "Deadly Premonition" a game I've been mentioning quite a bit recently. Really it's an awesome game though it has no right to be. The graphics are more or less mid-range PS-2 era, though they benefit from a pretty decent art direction. Some of the minor bits like a few of the trees are especially bad though.
This being a bit part of why the game is going for $20 instead of full price, but still when you look at it from the perspective of what the current hardware can do, it's pretty bad. But then oddly enough a lot of the voice acting is absolutly awesome.
That said, if you look at some of the XBL "Indie Games" your going to see far, far worse things developed with this level of hardware involved... I guess they count given that money is charged for them. This includes a roguelike called "Dungeon Adventure" (I think) which I bought being a fan of Roguelikes... pretty much a port of Nethack.
