What do you consider pushing? PGR4, Forza 3, Dirt 2, Metro 2033, Crysis 2, Epic Games titles, Trials HD, Framework Engine titles, Mass Effect 2, Splinter Cell Conviction, Need For Speed Hot Pursuit/Shift for instance have their qualities. Even the Fable series has merits if you consider what the engine is doing under the hood keeping track of all your actions and modifying the world & NPCs with a day/night cycle in place.
PGR4 was pretty impressive, Bizarre seem to be more capable technically than Turn 10 (which is why MS should buy them out), IIRC Turn 10 even got their real time bonnet reflection method for F3 from PGR.
As others have noted, most of the other graphically impressive titles are multiplat (like RDR, AC, Crysis 2) or are from third parties (eg Gears).
And Microsoft first parties like Rare, Lionhead, Turn 10 are more interested in gameplay rather than technology and Kinect will only further shift their focus away from games that are technical tours de force.
It's silly to think that the quantity and quality of Sony's first & second party devs don't have an impact on the quality of exclusives - it fosters both cooperation (eg. MLAA) and even competition between studios such as Team Ico, Polyphony, Naughty Dog, SCE Santa Monica, Zipper, Studio Liverpool, Evolution Studios, Guerilla Games, Media Molecule, Sucker Punch, Insomniac, ThatGameCompany, Quantic Dream, Novarama etc.
Their titles also push the hardware in a variety of different ways, they're not all FPS and racing games, you have 2D platformers (LBP), futuristic arcade racers (Wipeout), augmented reality (Invizimals), 256 player online FPSs etc.
Turn10.
However, their 1st party studios are pushing the hardware to it's limits..
How do we know that? For example Halo 3 was a pretty poor effort technically, sure Bungie did well with Reach but it's nothing like Naughty Dog who are now on their third iteration of what is even now an impressive engine.
And Remedy is a tiny team and the tech for Alan Wake is more impressive (and better leverages the 360's strengths) than big, first party exclusives like Fable (which doesn't look good or even have smooth framerate). They have also said that they could free up something like 30-40% of CPU time by implementing some optimisations that were too big to do for Alan Wake.
The fact that arguably the most technically impressive platform exclusive is from an independent developer with 40 developers! is not a good sign.