Yes, the questionable thing about that is anti-aliasing which really depends on the gfx card the game is being played on (ATI seems to be better at this at the mo). PS2 has some good all-in-one-hit features like the anti-aliasing which on modern gfx cards are getting easier to do, however unlike PS2 architecture you never know what spec the target PC will be, hence why you often go for a min spec and recommended spec of PC for your game.
So errm in reality yes it is entirely possible with a good artist and some clever programming.
So errm in reality yes it is entirely possible with a good artist and some clever programming.