PhysX usually's a nearly obsolete gimmick. Cloth should wave around a bit here and there, although, if it isn't there, it doesn't take away much from anything I've seen it in.
Real advantages over console graphics would be the level of detail displayed, the amount of texture filtering applied and the mere use of anti-aliasing. Plus the rendering at resolutions over what current consoles use. And at higher framerates. Check out some pseudo HD clips of Crysis 2 and Battlefield 3 for obvious results if you're interested.