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I think that hardware wise - this generational leap has been much less of a significant one as opposed to say the 16 - 32/64 bit leap, or the 32/64 - 128 bit leap.

As for whatever next gen brings, I reckon it'll be another pretty insignificant leap in terms of visuals, I think the focus is going to be more on actual performance than visual glamour.

Right now the PS3 and the 360 simply cannot handle truly detailed and stunning visuals at 1080p / 60fps, which have become buzz marketing words for developers and manufacturers, for games and televisions alike. Next gen will be about bringing those superb visual experiences at the highest possible levels of performance.