The same exact thing happened in 2004 with Doom 3 having a graphical mode that was best with 512 MB VRAM. In that regard I wouldn't worry too much.
Personally though, this is why I feel it's better to get a console first, then upgrade a PC later. The console will be a reliable baseline if it turns out a game won't run well on your PC, then later you can upgrade your PC (or get a new one, whichever) and destroy consoles entirely outside of some terrible ports. When we get video cards that laugh off Ultra here I think we'll be fully in the clear.
The issue that frustrates me at the moment is that the GTX970 and GTX980 are more than amply powerful cards. I have no doubts they can run whatever the current-gen consoles can throw at them (barring exceptions such as Naughty God secret sauce, but companies like that are rare).
So I can understand to some extent why people are getting irate at nVidia because it's not the power that's the issue, it's the VRAM. That's something that can be easily remedied, if only they weren't so stingy with the VRAM. If I have to pay a premium, so be it.
I shouldn't be shelling out $400+ for an instantly obsolete card when it is actually not obsolete at all (in the power sense) just because nVidia skimped on VRAM.
Edit: I guess what I'm trying to say is that if the GTX970 weren't powerful enough
and didn't have enough VRAM (but especially the former) to play current-gen games, I'd be darned excited. It means GPU manufactors are receiving the dearly-needed kick to their behinds to begin moving PC gaming forward.
But it's not. At all. What we're seeing is a McLaren 1000+ HP engine placed into a Volkswagen Beetle to race on a 45 mph track...