Imagine if Bethesda would have waited to release Skyrim until the next generation graphics had been perfected. It, of course, probably wouldn't look like what is shown in the video but I'm betting it would still have been pretty damn awesome.
http://www.youtube.com/watch?v=fBR4cT-0sKY
Im sure they will release TES 6 or a new fallout shortly after release of the new systems. In fact, I would bet that they already bet that they have a developer kit for them and on working on new games for them already, because as we know the it can take years to complete a game and they need it ready for the system launch.