I'm sorry but graphics are far from done, the textures resolution are still not high enough and this is one part of graphics that consumes RAM, the current machines are restricted so new hardware will have to come out, also ram is required for physics based dynamic world destruction where polygons don't disappear as well as procedural animations, rather than the pre-canned stuff that we still see in games, although to a lesser extent.
Also, people keep saying this about graphics, but this same argument was said back in PS1 and PS2 days, but just look at the graphics between some of the best PS2 and PS3, their is a great difference in fidelity, same thing can be said about the xbox to 360. Of course to really see the difference you have to own a HDtv.
In any case, the day focus on graphics will cool off is when the hardware is in place to produce a world that has the same fidelity as that of real life....even then there will be a push to go beyond that at that stage virtual reality would be feasible and perhaps the matrix possible, one does not know what the future holds and this is what makes life exiting, to say that things should stay as they are and just stagnate is to me a rather stupid thought, but I suppose to each their own.
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