The graphics are much, much better than something from 2005. For reference, here's a screenshot from a well-regarded 2005 console game: http://upload.wikimedia.org/wikipedia/en/8/82/Gun_Showdown.j...

Especially for the PS3 hardware, the polygon count, lighting solution and facial animation are quite impressive. While this isn't a game but a tech demo, it's still impressive for what it is. I don't see how calculating digits of pi is a more worthy way to demonstrate the capabilities of hardware specifically designed to render 3D scenes than actually rendering a 3D scene.