You cannot make any useful conclusions from this though without knowing the details on how the 'budget' was spent.
The quality of graphics is dependent on a number of factors, in no particular order:
- streaming speed from the drive and/or hdd
- RAM
- strength of the GPU
- programming algorithms used (this is a complex one and includes anything from procedurally generated content to compression technologies for streaming content, textures, etc.)
- quality of the AI artists
- space available on disc
- structure of the game and its environments
A game like Uncharted 2 uses a lot of the above in combination. For instance, by designing their levels in such a way that they can be efficiently streamed, by optimising streaming speed through caching from BD to HDD and from HDD to RAM, they have found a way to be able to push a lot of graphical content through their game that beyond a shred of a doubt pushes the limits of one DVD. That said, there is also little doubt that they could have split the game over various levels, since the game is, except for one level, completely liniar. However, there are some definite advantages in having all the content on one disc.
Notice also that there are complicating factors. For a DVD player for instance, if you run a game on a single layer, you get much better speeds than when you run a game on a DVD double layer. For a Bluray disc, this is not an issue.
If you want to limit yourself to strictly disc related graphical differences, they would seem to usually have to do more with the amount of content rather than the quality of an individual environment. Simply put, if you have 20 levels that look best of you throw at least 1 GB per level at them, you can still make 1 GB levels if you just cut back on the number of levels from 20 to, say, 8. Only in rare cases where content was designed for a platform with a higher capacity and you're going to try to fit it onto a smaller capacity platform will you sometimes see some downscaling of actual graphical quality, because cutting down on the content is a much more complex issue when you're working with a finished game. You're now seeing more and more 360 games that use more than one disc, that's for sure, and they're big ones too (to name three big recent ones: Halo ODST, Forza 3, Mass Effect 2)
Even Laa-Yosh's rants about FMV not being relevant to the discussion isn't as clear cut as it may seem - some games use FMV to start the game with, because you can load game data while you're streaming FMV from the disc at the same time more efficiently than you can just load game data, and therefore mask load-times, allowing the game to start with a better looking environment quicker for lesser
apparant load-times. And if you want to tell a story anyway, it may be much easier to create FMV than to render the 3D in realtime, as this saves a lot of work testing whether the graphics you're putting in that section will always be rendered at a sufficient quality. That time you save there can then be spent on making other parts of the game looking better. Etc etc etc.
Well, you can go on for a loooong time. It's probably easier to focus on particular games ...