Very interesting discussions.
As much as I would love to see Dreamcast full potential revealed, I doubt it would be capable of anything near PS2 best. The computational power just isn't there, which is why the lighting is so flat on DC titles, although I was kind of impressed with it on Project Justice in at least one stage. We also have to remember that the PS2 was built for multiple pass rendering, its texture buffer alone was 60% faster than Dreamcast with its best compression scenario. The pixel fill rate for DC was about 500M pixels for normal opaque/translucent polys, where the PS2 was at least double that. Also, if I remember correctly, there was a tech discussion that the Dreamcast would run out of memory before it could reach its maximum polygon budget, so the additional memory of the PlayStation is going to pay dividends for not only that but other things.
Don't take my comments the wrong way, I firmly believe the Dreamcast did not see its full potential, DOA2 was probably pushing it as hard as could be at the time, but the game was an early 2000 release, no doubt developers would have found tricks/processes to achieve better results. I always thought that a well-designed Dreamcast version of VF4, would play well and not look drastically different from a polygon budget point of view, then say VF4 on PS2. I'm sure some nips and tucks would be needed in areas, and perhaps some geometry reduction, but I think we have the numbers in this forum to suggest that hypothesis. However, the lighting would take a drastic hit, as the Dreamcast just did not have the computational ability to do that amount of polygon budget with lighting, and this could affect the game presentation considerably. This is just one example of course.
I have no reason to think this particular way, and I'm no programmer, but I would guess the Dreamcast probably hit 80% of its potential with DOA2, it seems that well optimized. Had the DC been around longer, and developers put as much time/budget into games development on that console as say the PS2, we would have been duly impressed. As one commenter said before, "it was not the Dreamcast's technical ability, that was the issue".....