The main difference between the Resident Evil thing is that the one at E3 was like a concept video. The playable one looks worse, but still quite good and probably the best thing on the 3DS. Uncharted NEXT GENERATION PORTABLE was a demo that was played on stage. It's definitely not PS3 quality, but it is very impressive for a portable.
I don't want to compare Uncharted outright with Uncharted 2 or something, because the animated were a bit poor and the environments smaller, it could be because the game isn't finished (assuming it is a launch title, there is another ~10 months if they're aiming for christmas. Same for Resident Evil 3DS. And things like Killzone looked worse than the Killzones on PS3.
That said, even in two years I don't know what competition there would be. Assuming the 3DS is successful, which it will be, we're looking at another ~5 years of PS2-era graphics from that. iPhone has improved crazy fast over the years and we'll see what happens with that. Uh, and the Panasonic Jungle.
Tim Sweeney from Epic
It's smoother with more effects, to be fair, and Tim says NGP has roughly four times the performance we've seen on any previous mobile platform. They also like the console-style operating system with efficient control over memory and resources.
Tim Sweeney 
Maybe he'll port ZZT to it.
This thing looks fucking HOT. Are games downloadable only or will there be physical games?
physical cartridges like the ds/3ds. no more optical media umd stuff.