That simply would've delayed the inevitable for a few more years.
Developers and publishers have been chomping at the bit for bigger, more "cinematic" experiences for several generations now. And they're pushing for the power to keep doing more of it--Mark Cerny said they would've gladly taken a PS4 100x as powerful as the PS3 if it was possible. If they didn't have the toolset to go hamhocks this gen, then it just would've happened next gen.
Have some time to kill? Read my shitty games blog. http://www.pixlbit.com/blogs/586/gigantor21