I still run into people who say the PS2 will look better than the other systems if programmers ever max it out, so I wouldn't even totally bet on the PS3 doing that. Although it stands a much better chance since it won't be running on tech that's a year older than the Xbox 360.
Personally, I think it's going to be less important than ever. Quite a few people are already underwhelmed by Xbox 360 footage, and while I'm sure a lot of it is going to improve before launch, I have to wonder, if the leap from this generation to next generation isn't even that impressive, than how is anyone going to notice the graphical differences between the three next-generation systems? I'm sure super-geeks will notice, but mostly it won't matter.
I caught a bit of Sony and Microsoft's press conferences, and I was very interested to see a demo in one of them where they were showing how awesome more levels of raytracing (or something similar) is because as you turned up the brightness on the lights, everything would get grainy and washed-out with only one "pass" (I know, I'm not being very technical or accurate). Anyway, what I think was really interesting about it is how the companies are actually trying to train us to see the differences in graphical power between current generation systems and next-generation systems. Rare posted some comparison shots of Kameo on it's site, showing the Xbox version and the new version, and it's the same thing: the game definitely looks a lot better, but it's hard to notice until they clearly demonstrate it to you. This gen, we're going to have to be shown how the graphics are improved, whereas in previous generations it was obvious.