Soft shadows (occlusion) and indirect lighting could be an area where these consoles keep their own. When these are processing dependent rather than texture/memory dependent, the closed-hardware will be very advantageous in developers targetting implementations. And a game with these lighting effects will continue to look awesome for a good while to come.
Oh, I agree completely, I just don't think we should be looking for these things so soon in either of these consoles life span, if at all.