It's possibly on the same level, but this time it's out a year in advance at worst, and it's running at the same resolutions most of the next PS/Xbox games will likely run at, so the difference won't be as striking a 480p versus 720p.
Stripping away DX11 features could put it at Wii level. Especially for games made from the ground up for it.
Most of the next gen xbox/ps games will run at 1080p
I'll cut my left sack off if they run at 720, considering that the next consoles are rumored to be extremly powerful
What about 720p/60fps locked games?