On par with most driving games for the PS2 and close to Xbox equals "really good graphics" to you?  WTF?  Those are five year-old systems!  The Wii has been out for a matter of months.
As far as good looking games coming in a year or two . . . again, I'm not sure what you're talking about.  MotorStorm was a launch title and it's beautiful.  Seriously . . . look at the difference between MotorStorm and Excite Truck.  I mean, games will continue to look better and better, of course, but both of those systems are light-years ahead of Wii right now in terms of horsepower and it shows.  It shows right now.  We don't have to wait a couple of years to see the difference.