Well, you don't know whats a launch game, how much time is left, etc.
Did Mario or Metroid look bad? Or Zelda? I thought they looked great. Not "selling on graphics alone, Doom 3" good, but good. I mean, things like Wii sports might be a download for all wii know.
We know it's more powerful than the cube and the cube gave us RE4 quality graphics. So, go from there.
That said, Red Steels character models seem to be messing with people. I agree they looked like they were taken from Golden Eye. Hopefully that will be improved in the months to come.