Well better graphics realy depends on what type of Tv and for computers on the Monitor
No, it does not. The X-Box 360's video hardware is 5 years old. On a computer like mine, it's less than a year old. YMMV on other computers, but any game-grade rig will definitely have video hardware less than five years old.
Furthermore, we have more of both system RAM and video RAM. Some of the texture upgrade mods that are available to PC gamers would make an X360 curl into a fetal position and beg for death. However, high-end machines with plenty of both kinds of RAM will chew them up and spit them out.