Late to a thread, darn it...
Not that it is console related, but when asked what game and/or engine can give the D3 engine a run for it's money...
Well - short answer is anything built on the current Unreal engine. For the most part - it is out now. Therefore, it is the target any new game should shoot for.
By far, and this is a matter of opinion, it is number one. Unreal Tournament 2003 and Unreal 2 push the graphics.
However, there are several games in development that may take the lead. However, Tim Sweeney and company are not resting on their collective rear end. If you read up during Comdex and/or the NV30 launch, then you would have seen a video of these next gen Unreal engine...
http://www.guru3d.com/tech/geforcefx/img/Games/Unreal_GFFX_01.jpg
In short - that alone will give Doom 3 a run for it's money. Soft shadows no doubt. While D3 is still in development - Unreal is moving forward and gaining games.
Who knows what is going to shake out in the end. But between the two - D3 and Unreal + - we will have enough eye candy to last us a while.
And in regards to everquest 2 - it has a lot of potential. The detail is supposed to be insane. They can afford it as it is not a FPS and frame rates are not "THAT" important. Detail like chain links in armor, etc. Will probably look nice. I'm betting the Planetside engine is close to what we will see in EQ2. Nice, but not "Unreal 2" if you will.
My vote goes to the Unreal crew - damn good job so far, and it is out now.
Peace.