Well I've played the demos of Bayonetta, Dante, and GOW3. Bayonetta's combat was fine, but I'm simply not into games where they mix modern day with mythical stuff, maybe except some Final Fantasy games, even those are a hard swallow though, so I wasn't into it too much. Ninja Blade was the worst offender that I've ever played, and so was DMC4, both of which I didn't even bother to finish the demos. The combat seemed fine. The graphics were fine except the crazy aliasing in the PS3 version I played.
Dante should really be called Dante of War, it copied a lot of GOW stuff, which is not really a bad thing. Also the graphics were fine, so was the gameplay, although the story didn't make much sense.
Last I played the E3 demo of God of War. Except the lighting which was brilliant, I found the graphics less than spectacular, and clearly not the same level as KZ2 and U2. However, the presentation was outstanding, it wasn't a simple combat mechanics game, it had that X factor in it, that it was more than just pressing buttons at the right time, came closer to a movie-like experience, like Uncharted 2. That was the biggest factor for me. It has that polish, and I don't mean graphics by it, it's just the overall atmosphere, the feeling it gave me. I also liked Call Of Duty and its production values for most games in the series, which compelled me to finish them.
It was the real deal, not a bland tasting copy like the other games. It's also because Kratos is way cooler than the other protagonists, I really enjoy controlling a psychopathic godlike warrior compared to a slutty librarian with guns in her shoes or some guy who's supposed to be into biblical powers but I don't know much else about. I guess for me, the protagonist really is very important, for that reason I enjoyed wolverine immensely and more than Ninja Gaiden Sigma 2 or Heavenly Sword, although most of the hardcore hack and slah guys would disagree. As far as protagonists go, you can't get much cooler than Kratos, I like him even more than Drake sometimes.
It's like movies, where people say Hollywood has messed up the original, which I call BS. Guess what, 99% of the time when I watch the original, I prefer the Hollywood versions, such as The Ring and Vanilla Sky because of its presentation and production values. Yes, I usually enjoy Michael Bay movies as well. I also enjoyed Avatar more than Pocahontas or Dances With Wolves, due to better presentation and technical achievement, although they had the same story.
Long post, but to sum up, I don't think GOW3 pushes PS3 graphics to the same degree as UC2 or KZ2, but it still looks good, and its presentation and production values are up there with the best of this generation so far, which is UC2.