I think there is a sizable population who care about graphics enough that even current HD consoles aren't good enough for them. There is still quite a bit of room to grow in graphics.
In reality though the tech in the box deals with more than just graphic. When you compare one of the HD consoles to the Wii you could just look at the graphics difference, but you could also look at the difference in online capability, the difference in on system storage, or the difference in controls (many wii owners will say wii is better, many HD owners will say wii is worst, so ~...).
When, if there comes a time when all consoles on the market are essentially clones of each other it will boil back down to who has the best exclusives, who can utilize the console better, the different strategies of the console makers, etc.
I doubt that will ever come to pass though. I think strategically there may always be a maker who goes the cheapest route, the one who takes the middle route, and the one who takes the higher cost route.
A warrior keeps death on the mind from the moment of their first breath to the moment of their last.
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