nobody should expect a true examples of any system's power and potential on launch day. with rare exceptions (soul calibur on DC, DoA3 on xbox, and SSX on ps2) most launch titles only show a fraction of what the system can really do.
developers have had G5 macs with ATI cards for some time now to lay the ground work for their launch titles. however the ATI card and G5 CPUs that were used are generations behind what is in the 360 so no matter how good a launch title will look it is nothing compared to what will come next.
and the ps3 having anything near the standard of xbox LIVE is a joke. it would be the greatest compliment to MS if sony made an online network similar to LIVE. keep in mind though that MS has had LIVE up for years and will more then likely always have the leg up on sony when it comes to that area of gaming.
in all i have no fear that this launch will be the greatest console launch ever. the games will amaze and at the same time its great to know that it can only get better from here.