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The car demo in XNA is nice, but by far the most amazing graphics I've seen are done in the Unreal 3 engine. I've only seen a camcorder recording of the screening at E3, but it truely was brilliant, far better than the car demo. Most of all, they had a technique that allowed a model of about 8 500 triangles to look like a model 20 000 000 triangles. That's 20 million. It still sucks up processing power, of course, but it looks really nice. I guess all next-gen graphics engines are looking really nice right now, and no doubt they'll be surpassed when more and more companies begin to develope them.
KDR already beat me to it, but like he said DOOM III among others is already doing the same thing. I'd bet Half-Life 2 does it also.
However, Unreal Engine 3 does have other things going for it that are just as impressive. It is a brilliant engine, but so is DOOM III and others. All of them are going to require some serious hardware, though.