Ugh, I should have clarified: visually, Xenoblade is more akin to a high-end PS2/Cube game. But yeah, the amount of content on-screen is pretty impressive, especially with how open the worlds are. That said, the textures aren't exactly good, even from far away. And, excluding some motion blur and smoke, the additional visual effects aren't really impressive (from what I've seen so far). So in short, Xenoblade is not bad, but not exactly polished as a whole. But hey, as long as the actual gameplay is awesome, who gives a flying crap?
(Oh, I have a GameCube, and StarFox Adventures, The Legend of Zelda: The Wind Waker, Star War Rogue Squadron III, Donkey Kong Jungle Beat, Pikmin 2, and Metroid Prime 2 still look gorgeous.)@Reynard
Well, the modelling in general is rather blocky, overall look is kinda muddy, and (by some players) occasional slowdown. With that said, the art direction is dominant over the technical shortcomings. But it is a shame the game could have looked a little better.