It hugely depends on the ability of CA. Anyone that doubts the PS3 should take one look at the Last of Us, brilliant graphics, smooth gameplay and short loading times.
If you really look at the AI graphics, well, I don't think they are that amazing. There are some nice lighting effects, but I think the actual graphical quality of the game is good, but not really next gen. However I do think that the level design and attention to detail of the 1970s future really helps to compensate for this giving overall a very good experience.
My point being I think it should still look very good on last gen.