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Metal Gear 4
http://uk.media.ps3.ign.com/media/714/714044/vids_1.html
The video on the top left of them all is gameplay footage.
Wow. I've never seen anything like it. It looks frighteningly realistic, in terms of graphics and sound effects.
I think MGS will always lead the pack with games. The first one was the best, until the second one came out. That set a standard which hasn't really been challenged since, admittedly, not even with the third one. It was a brilliant game, but not different enough from MGS2.
Still, I think this is bound to be the main game of all three of the next gen consoles. Forget GTA.