Similar thread:
http://www.beyond3d.com/forum/showthread.php?t=19103
Here was my contribution (updated for 2006)
10. God of War
9. Shadow of Colossus
8. Primal
7. ZOE2
6. Soul Calibur 3
5. Jak 3
4. Burnout Revenge
3. GT4
2. MGS3
1. Black
Why:
10. God of War
Framerate, 480p, geometry, textures, animation, streaming.
9. Shadow of Colossus
Art direction, 480p, lighting, animation, fur.
8. Primal
Art direction, textures, lighting, 480p, draw distance, streaming.
7. ZOE2
Effects, geometry, framerate (480p using Blaze VGA hack.).
6. Soul Calibur 3
Framerate, 480p, animation, art direction, effects.
5. Jak 3
Framerate, animation, 480p, geometry, draw distance, streaming.
4. Burnout Revenge
Framerate, 480p, geometry, effects, physics.
3. GT4
Framerate, physics, art direction, lighting, 480p, geometry.
2. MGS3
Textures, art direction, lighting, effects, framerate (480p using Blaze VGA hack.).
1. Black
Effects, physics, framerate, 480p, geometry, textures, lighting.
Framerate = Does the game run at 60fps. How smooth is the framerate, does it fluctuate.
480p = Does the game use a full height back buffer and output a 480 line progressive scan image. This effects image stability, clarity and vibrancy.
Art Direction = Character design, location design, palette choices.
Textures = Quality of textures, variety of textures, application.
Lighting = Light sources, shadowing
Geometry = Polygons on screen, complexity of models, environment
Effects = Fire, water, smoke, explosions, particles, filters, etc
Animation = Character animation, how smooth.
Physics = Does the game use real time physics to change what you see on display.
Streaming = How does the game load, does it stream the data as you play with no levels.