The MGS screens were the first thing I've seen that actually does match the previous generational leaps in my opinion. Granted, most of the screens don't show a lot of action, and nobody's saying that's real gameplay either - it remains to be seen if it can really produce those graphics, with a large number of characters and a steady framerate.
The big question is, if the graphics are that good, what will Sony charge for them? We've heard Sony hint that PS3 will be expensive, and as much as I like those shots, I'm not going to pour $500 US into a new console.