The GC version of RE4 looks better than the PS2 version, no doubt. My question is, if RE4 is built completely from ground up for the PS2 hardware (instead of just porting it over) can it look just as good as the GC version?
Take a look at other Ps2 games for yourself, if you think any of them look as good as RE4 on gamecube, then the answer is yes. If not, then the answer is no.
Well, I don't think anyone here has worked on Re4 or even seen its code, so no one here is able to answer your question. The best answer you're likely to get is what I gave, if you think other games on PS2 match GC's RE4, then yes, the PS2 can do those graphics. If not, then no, there's no evidence to support that the ps2 could do those graphics.