Personally, I think the gap from PS3/360 to PS4/Xbone screams diminishing returns.
1996 to 2006 took us from Mario 64 to Gears of War as the industry's premier graphics showcase, I doubt anything coming out in 2016 will make Gears look as archaic as it made Mario look.
Similarly, in the movie realm, 1983 to 1993 took us from Return of the Jedi to Jurassic Park, 1993 to 2003 took us from Jurassic Park to Return of the King, and 2003 to 2013 took us to The Hobbit Part Two; diminishing returns there as well.
When games wow me visually these days, it's more often due to art direction than technical oomph.
Ya and if u go back even further
mid 70's-Pong and clones, basically a dot floating back and forth
mid 80's-Mario, Zelda, Metroid, full world's that u could explore
mid 90's-Mario 64, Resident Evil, the beginning of 3D worlds
mid 00's-Gears, Uncharted, Crysis, beginning of photo-realistic visuals
mid 10's-basically the same thing as mid 00's just a bit better