My only argument is that photo realistic graphics do not necessarily make all games look the same. Your examples for games with photo realistic graphics are games with the same theme (modern combat). A good counter example of this would be Bioshock. It has realistic graphics but doesn't look like anything else out there.
I think that once games achieve photorealism, they will go the same route as live action movies. Although most live action movies have the same level of realistic graphics , they manage to separate themselves with theme and style.
I agree with you in the fact that some games can look even better the more stylized they are. Personally I am looking forward to Team Fortress 2 and think the style is amazing. Here is hoping that more games go the stylized route!
