It's hard to say. It's more better when utilized well, but that isn't often unless it's exclusively done. Uncharted 2 and 3 haven't been beaten yet in my eyes. I don't think people release how open the worlds are in those games. There are very little loading screens, and many levels are pretty huge when you actually go back to play it. That is, vertically as well as horizontally. Towers, forts, ect
Killzone 2 was a good technical achievement. The particle effects, and lighting are the best I've seen yet but the textures are so muddy and colours too brown/grey. I don't like the pallet scheme in that game.
MGS4 still holds pretty well I think despite most. Sure there are some dud textures but the detail in Snakes face is still impressive even today. For demonstration purposes blow snake up, look closely at his face as the rag doll physics have landed him. The snarls, and grimaces are incredible versatile and detailed. The lighting and textures on his face is different for most places he goes to. In fact the only part that doesn't hold up is his hair (but hair is difficult). It's also a game where a lot of things can happen at once. Look at the assault of the camp, and zoom in from distance. The animation of the enemies, the AI, the number of them at the same time, all whilst you can still hold up, use octocamo, scope from distance ect. There's a lot that goes on in MGS4 that goes unnoticed.