My current favorite: Bad company 2, outdoors it totally nails the look.
Mass effect 2 has some very nice lighting in some real-time non playable sequences but its skin model is remarkably flat.
Fight Night is impressive too, it's by far the most complicated of them all in terms of lighting and skin effects, and it's the only one that has no shadowmap problems...
p.s. My job/goal this year is to beat them all. It will be tough, and it is stressful... We'll see.