I feel user perception is a key aspect in all this though.
A lot of people think that Uncharted 2 ran circles around Crysis visually, but this has no basis in technical assessment.
However, Naughty Dog was very smart about what they chose to target.
They focused on doing things like making hair look better and having really good particle effects, and also prerendered their cutscenes so they could have nicer lighting when people were examining the visuals the most.
People aren't likely to notice how bad your textures and texture filtering are or how low poly your barrel is when they're too busy being impressed by how nice your fire effect is and how great that last explosion was.
Having really high quality character models also helps distract from deficiencies in the environment, because the character keeps taking people's attention away from really sitting there and analyzing what the environment looks like. Having a few nice environment views can also leave a great impression on people, even if the environment outside of those views is not nearly as nice, since they're too busy getting shot at to really notice.
I doubt many people will notice if a lamp post is more round due to tessellation next generation, but I bet they would notice well targeted improvements in things like hair, face lighting, texture resolution (in locations where players are most likely to look), and animation.
One of the reasons people are focusing on making better lighting is that it can make such a huge, noticeable difference on a scene.