This is how PGR3's artwork looks right now. On actual 360 hardware. Please bear in mind, however, that you're still looking at a work in progress video game, and that the final in-game effects and lighting aren't even in place yet. We're still a long way from the finish line, but things will only improve from this point on. Start preparing now, and save your pennies for a widescreen HDTV and surround sound system. Although the game will still look stellar on a regular TV, you'll get the best experience when you go High Def.
More screenshots at Bizarre Creation.