If you've got the time and the resources, your console game can look pretty damn close to its DirectX10-enabled PC counterpart. This from Massive Entertainment's VP of Development Peter Sydow in an interview with Videogamers.com in which he discusses development of the PS3 and Xbox 360 versions of World In Conflict.
Yeah, at this point we've managed to replicate some of the effects, but I don't know what features will make it into the final release. Nearly all of our DX10 features are possible to do on the consoles if you give it enough time and resources, so we'll keep on working on them and see what happens.
See Funcom? Even the console developers can do it!
World in Conflict Interview [Videogamers.com - Thanks David!]