Don't be fooled. Compared to the average PC setup consoles run smaller resolutions, smaller textures, can process less polygons and details/lighting/eyecandy.
It's a fact that game companies which port to consoles have to reduce graphics and often even redesign maps/levels to reduce visible structures/geometry to achieve something similar to what you would find when playing the game on a PC. The texture memory is also much smaller so textures are lower, blockier. They do a good job of hiding it, but it takes a lot of work. They also have limits with what they can store in memory at any given moment.
