Initialy it
was about the graphics when it first released on Gamecube. The innovative gameplay (especialy for a Resi game), boss fights, character depth and action/horror stuff added to making it game of the year (2005) for me, hands down. Better than any Xbox/PS2 game released that year and that's saying something. It's a shame you didnt play it when it still had it's wow factor coug. I had sold my GC for a while but bought one again as soon as it was released.
As for next gen graphs for Resi, check out the Resi5 trailer on marketplace
(though chances are it wont see a 2008 release)