Well after having spent a lot of time with all four consoles, I've come to the following VERY GENERAL conclusions vis a vis relative performance.
DC: Superior texturing and filtering to PS2, 1/2 the geometry of PS2, poor particle effects, decent vertex lighting, great support for progressive scan.
PS2: Superior particle effects (even somewhat better than Xbox), 1/2 the geometry of Xbox, nice vertex lighting (especially when you add soft shadows into the discussion), poor texturing and filtering result in overall poor IQ, poor support for progressive scan.
GCN: Superior texture filtering (a lot of trilinear), decent per-pixel lighting, 1/2 the geometry of Xbox, great IQ, decent support for progressive scan.
Xbox: Equal to GCN in IQ, Twice the geometry of PS2/GCN, larger textures, great per-pixel lighting, great texture filtering (but I still think the GCN is a little better in this area for some reason), great support for progressive scan.
In short, GCN is close to Xbox with less geometry, PS2 and DC are roughly a trade-off depending on whether you want better texturing and IQ or more particle effects, geometry, and special effects.
If I had to rate them on a graphics scale:
DC = 1
PS2 = 1.5
GCN = 3
Xbox = 3.5
Of course, I think we've seen the best that PS2 has to offer and there's still some time for GCN and Xbox to change my mind about their late cycle potential.