the psp coming out sometime in 2005 is rumoured to have graphics on a par with ps2. Which sounds good, but by 2005 the ps2 is going to look very tired.
If you mean will phone games look as good as current console games, then probably unlikely, as when consoles are manufactered they try to squeeze as many transistors as possible onto every card.
Besides the small size of the phone's screen is going to mean it will always be severely limited in terms of resolution, not to mention the higher the processing power, the quicker the battery runs out.
Phones are getting better, but i can't imagine a phone looking as good as the latest pc releases of the moment, or of the moment the phone is released.