Well, the game (to me) is not looking quite as good as the Xbox 360, but it does look like it's falling somewhere between Xbox and Xbox 360, which is good enough for me. I think that without HDTV there won't be a huge difference between Revolution and 360 except for the large-scale battles that games like Kameo have done. In fact, this game looks better than some 360 software I've seen due to better art direction.
I like the attention to detail Ubisoft has put into the Rev controller's interaction with the game...things such as the in-game gun being held at the same angle as the remote. I'm glad to see some proof of concept, this game looks like it could be a lot of fun, and it's something that definitely wouldn't be as good on the other systems.
I still kind of wish Nintendo had packed a bit more power into this new system, but the controller has me way more excited than the power of the competing machines.