"I think what has happened is that graphicly both systems have reached their climax. "
Cowshit. Take a look at God of War and you see what is possible when you have more time. The increase in graphical quality will be astonishing. (Although you will only notice it when playing old games because it will sneak up on you).
The stupid part is that people use one number for quality.
Framerate*Resolution
In the real world it is
Framerate*Resolution*Texture-resolution*PixelShaderlooks*Shadows*Globallighting*Locallighting*DiffuseShading*Watereffects*...........
But thats a bit complicated for a forum where people like to have an "simpler" argument.