2D on a console, if done right can beat the crap out of 2.5D any time. A perfect example would be Odin's Sphere on the PS2. The high resolution sprites and fluid animation make the game seem almost like an animated film.
But on the down side, it took them about 4 years to make the game and has some horrible slowdown in alot of key battles. However with a next gen system, the formula could be greatly improved upon.