Thanks to this thread, I discovered two awesome games I'd never heard of: Ruff'N'Tumble and Lionheart. Not only do these games have great graphics, but great music and gameplay too. Why are these games so underrated?
Here's my list of the graphically excellent(ECS):
Shadow of the Beast (obviously!)
Ruff'N'Tumble
Lionheart
Brian the Lion
Gods
The Killing Game Show
Flashback
Stardust
Zenon 2
Agony (horrible gameplay!)
The Hired Guns menu has the crispest text of any Amiga game ever! I suppose ElfMania has good graphics too, but the gameplay was so bad, I deleted it from my system.
For shareware, the best I've seen are Babeanoid and Qbic.
One thing can't figure out is why some people still insist that Battle Squadron has good graphics. Of course, everybody can have their own opinion, but I think Battle Squadron looks like chunky crap (and plays even worse). For Shoot-em-ups, Xenon 2 blows away Battle Squadron. Even the older Hybris is much better.