Either way I think it will be fine. If you look at the hardware the 360 and PS3 are running on, and what they are capable of graphically, I think that it would be hard for it not to be a huge upgrade.
That said, I think I am just going to stick to the PC for this upcoming generation. The thing I was looking for is which unique features the consoles would offer, other than just improved graphics. To be honest, this disappointed a little bit. With everything going multiplatform anyway, I may as well stick to my preferred platform/input devices.