i read that Dice and few other company's / tech people said we hit graphics wall with battlefield 3 on PC im talking textures not filters/light effects and too push graphics look even more life like would drive up the cost creating them 5 too 10 times more money so basically since BF3 when have improving mostly lighting effects bump mapping and filters(AA,post processing HD Bloom etc) not Raw textures sizes and level of detail.
so yeah your prob never gonna see leaps like from SNES too N64 or ps2/xbox too x360/ps3 anytime soon unless these carbon nano tubes or future computer tech get way more powerful/cheap fast.
which why i think some people are so underwhelmed they think those kind of leaps are still gonna happen.