In all honesty, the depth and complexity of the lighting I see looks very reasonable and possible on next-gen hardware. The thing that throws me, though, is the model complexity. Sure, those cars have nice lighting, but do you notice the apparent polycount on them? Possible in a GT-type game where the primary focus is just the tracks and the cars. But in a GTA-type game, where you've got a much more expansive environment filled with lots of active characters... not likely.