a) Online games tend to have less detailed graphics due to needing to keep track of other stuff (compare MP and SP in the Conduit or COD5 on Wii). So if you're going to compare it to PS2 games, try comparing it to MH2 or FFXI.
b) It's infinity times better-looking than the best-looking online Gamecube game. If you want to compare it to online Wii games, look at the MP modes in the Conduit or WaW. It looks quite nice compared to them.
c) You have no idea how many polygons are in a scene or how many per second are being drawn. We've gone through this a million times on B3D. Besides, a 50% increase in clockspeed plus extra RAM aren't going to mean going from ~100K polygons in a scen to ~1m polygons in a scene (IMO, it takes almost an order of magnitude in geometry for casual observers to really appreciate the difference--for example, RE4 PS2 vs RE4 GC, no one was complaining about a slight drop in geometric complexity). It means going from ~100K to ~150K.
d) There are a lot of effects whose names most of us don't know and you don't notice until they're gone. I myself wasn't really aware of this until I saw screens of Metroid Prime in an early version of Dolphin that didn't support indirect texturing--the difference was pretty stark. So the fact that you are unable to pick out and enumerate anything other than bloom lighting doesn't mean a thing. I'll bet you're not very good at counting light sources or detecting the various blending techniques used to make a scene look lively. There was a really eye-opening article on Killzone 2 a while ago that illustrated just how many effects there are that your average "All it's doing is normal mapping and a grain filter!" analyst doesn't notice.
e) There are various implementations of effects that require varying levels of power (fillrate, clock cycles, passes). I'll bet you can't tell by looking how much resources various implementations of bloom lighting (to name one of many examples) are consuming. I know I can't.