For multiplayer, BF3 takes the cake. Modded Skyrim, Metro 2033, and the Crysis series in general are all in the top for single player.
Lately I have been impressed with the level of detail in the Far Cry 3 cut scenes and the game in general. Two gripes, though: it seems like the water and vegetation movement took a step back from Far Cry 2. The vegetation seems less responsive. whereas you use to really visibly rustle the plants in Far Cry 2, which was a nice touch. The waterfalls also look pretty bad. Overall, a beautiful recent game, though.
Looking forward, a less photo-realistic game that still looks really impressive is Bioshock : Infinite. Excited about that one.