I have seen Crysis with ultra High mode on a giant screen. No Console this gen will be able to do something like this. I think that will be the graphics level from the launch games of PS4 and Xbox720.
But it would be a small jump for a gen so maybe the first games of next gen will top that easily. But crysis on Ultra High mode is the least I would accept for the next gen because the step between Uncharted 2 and Crysis/Ultra High mod is big but not big enough for an entire gen of consoles.
I really wonder how the graphics in 5 years will look like. Even if the step is not as big as Ps2-PS3 it should be big because the longer I play HD games the more things i see which are annoying.