Well, some Naomi 2 games have been ported perfectly to the PS2, so I'd say the two are pretty much equal, in terms of graphical power (I assume that's what you mean).
naomi 2 from what i know is a stronger version of naomi 1, which is very similar to the DC. In that respect, a GC and an XBOX, and imo a PS2 have some added tricks that naomi 2 cant handle.
Problem comes from the portage itself and it to have been done too fast (more or less : VF4 port doesn't suck as much as Virtua Tennis does)... With enough interest, it could always have looked as good as the original I think.