Nope... but the way hardware is going, in a few years we're going to have hardware where the main restriction will be the creativity of programmers and artists rather than limitations on the hardware itself.
So if I were in charge of the Xbox division for example.... I'd release the next console as "the new Xbox", and then every 18-24 months I'd upgrade the hardware much like Apple does. And hardware less than 5 years old would be made sure to run all software available at a minimum quality standard (30FPS, 1080p, 2xAA as an example).
Eventually it'd reach the point where the hardware upgrades don't even improve the games that much but would probably be used to increase the experience on the dashboard/media side (like getting rid of load times for any of the menus; whether that be the friends list, marketplace, games list, etc).