Doesn't actually look as good moving though, so the perception of reality fails, with some of the effects. Look for example at the motion blurring. You can clearly see where the sampling are, and you can also see where the textures start to get sharper as they come near the camera. I hate antistropic filtering in games on consoles. They just don't set it high enough.
Highlights also don't seem to fall as they would in real life, which also breaks reality, and more often than not, the fact it doesn't use any kind of ambient occlusion... (Not that its possible)
Haha, so yeah, it doesn't exactly look like a feat to me.
PGR 4 looks as good, if not better, but fails in exactly the same places.