The best poly performance people are going to crank out of it is somewhere around Gamecube level, with 3D probably somewhere between PSP and GC... but with shaders and effects tacked on games can look way better than Wii games. Which is more than acceptable.
Dead or Alive 3 (Xbox)
Dead or Alive Dimensions (3DS - obviously bullshot resolution + AA, but pretty good account of how it looks)
I disagree that the animations are worse than on PS2, DOAD has great animation at times. The launch software makes a woeful account of 3DS' capabilities, I expect E3 will have some better looking software.
As a concept Heroes of Ruin sounds quite exciting, especially the prospect of the social stuff... hopefully the execution is as good as it sounds.