I'm pretty sure it's past Dreamcast levels. I'm noticing more shader effects being used liberally (such as the cliffside face in one of the MGS3D shots). Definitely beyond PS2/PSP at this point, that's for sure.I don't know who claimed the 3DS is capable of graphics close to X360/PS3 but they must have been smoking something hallucinogenic.
From the screenshots of RE and MGS, it's obvious there is some very good lighting but the polygons seem very low and textures quality is not very detailed. I'd say the graphics is somewhere inbetween Dreamcast and Xbox 1.
It's hard to "guage" performance given how little we know about the architecture. All we know right now is it has dedicated video memory.