Well.. I have seen some PC screens of Skyrim... Low, medium, High, and Ultra...
These are pictures of Skyrim on the 360 in Riverwood.. http://www.google.com/imgres?q=Skyrim+360+riverwood+shot&um=1&hl=en&sa=N&biw=1280&bih=881&tbm=isch&tbnid=0c7wdiohUbFbKM:&imgrefurl=http://www.xbox360iso.com/tes-v-skyrim-t451670.html&docid=xfEjIrs6xzqb0M&imgurl=http://i901.photobucket.com/albums/ac215/Xion24/the-elder-scolls-v-skyrim-gameplay-village-screenshot-xbox-360.jpg&w=800&h=449&ei=TXW8TqHmBcXW0QGE25TGBA&zoom=1&iact=hc&vpx=388&vpy=599&dur=1301&hovh=168&hovw=300&tx=152&ty=144&sig=115500004121848219312&page=3&tbnh=114&tbnw=204&start=40&ndsp=20&ved=1t:429,r:1,s:40 and http://www.google.com/imgres?q=Skyrim+360+riverwood+shot&um=1&hl=en&sa=N&biw=1280&bih=881&tbm=isch&tbnid=L-asWmYm-cQdXM:&imgrefurl=http://www.gamespot.com/unions/VDFE/forums/28855368/the-elder-scrolls-v-skyrim-features-information-and-media&docid=e7Z4KI0TqvoldM&imgurl=http://img94.imageshack.us/img94/9607/vlcsnap2011091223h33m06.png&w=1280&h=720&ei=TXW8TqHmBcXW0QGE25TGBA&zoom=1&iact=hc&vpx=309&vpy=384&dur=512&hovh=168&hovw=300&tx=174&ty=65&sig=115500004121848219312&page=2&tbnh=119&tbnw=211&start=20&ndsp=20&ved=1t:429,r:6,s:20
For comparison.. These are PC screens on riverwood running on the PC showing Low and Medium settings...
http://img411.imageshack.us/img411/2442/1lowa.jpg
http://img205.imageshack.us/img205/5051/2mediumo.jpg
Soo.. What do you think Skyrim is running on Low or Medium on consoles??
Low is still looking pretty good, but I'd guess that consoles are running on medium or similar because of the outdated hardware.