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Recently, Call of Duty 4. A bit older but still good looking are the Doom 3 based games (Doom 3, Quake 4, and Prey).
 
As far as realism then CoD4 is probably the best. However, I prefer the look of the id Tech games (Doom 3, Quake 4, Prey) because of the sharp dark shadows and no overuse of bloom (and I can play them on my PBG4 ;)). I also think Colin McRae Mac is fairly pretty on highest settings. Even if it is a little old.

WoW is a pretty game too without being taxing on hardware which I think is awesome.
 
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