It's interesting to note that we are starting to cross a threshold where visual elements that are necessary to the gaming experience (HUD, animation, camera angles, etc) are 'holding back' the relative level of graphical quality.
It's also interesting to note that development costs may *go down* this generation, quite counterintuitively.
And I say this because next-gen game engines are heavily focused around iteration and content development - making it easy for designers and developers to see what they're doing and iterate quickly.
They're almost turning into WYSIWYG editors.
If they can streamline the whole high poly > low poly > normal map UV unwrap > etc. process as well, then they're really just reducing (in pretty significant ways) the things that we are already doing this generation to get content into games.
With all that said... next gen really starts in December this year. VR is going to explode your puny brains.