Not from the screenshots I've seen.
I was playing right through that generation. Looking at a few screenshots gives you only a fraction of the picture!
Once you've witnessed the glitchy, 20fps Daytona with horrific draw distance, or 20fps Panzer Dragoon, or glitching, untextured VF that couldn't even maintain 30fps, you know you've witnessed a special launch for a special console.
(Then you can understand why the PS2 launch seemed so solid in comparison, and why the PS1 with Ridge Racer kicked ass.)
Not to my eyes. You ever see Madden 2001 on PS2? Looked like a damn upscaled PS1 game.
Proof:
PS1
PS2
Edit: perhaps I should've said PS2 launch titles looked like upscaled PS1 titles in my original post, not N64.
You can always find crappy looking games for systems. Crappy frame grabs (like the PS2 Madden ones) don't help. Even so you can clearly see that the PS2 game is
massively more detailed than the PS1 game, and not just running at a higher resolution (different to upscaling).
Looking at the good stuff, there is no way the PS2 looks like upscaled PS1. Try playing Tekken Tag and then putting Tekken 3 into your PS2. It's night and day.
DC produced some amazing looking games that easily surpassed all PS2 games until MGS2. There were PS2 games that rivaled Xbox games - both God of War titles specifically.
I suppose a lot rests on what we mean by 'rivalling'. There are some great looking games on the PS2, but do they offer the kind of detail and the kind of effects that good Xbox games did? Quite simply they don't, and looking at the machines they were running on that's not surprising and it's no slight on PS2 developers or the PS2 itself.