I would like to bring in Metro 2033 as evidence of a very recent game where it can't even run on my PC anymore. Running 2.66 ghz quad, 8 gig RAM, and a 9800gt and my PC cannot handle the highest settings at all. I couldn't even turn on DX11.
I can guarantee you that Metro 2033 will look better than any console game released on a PS3 even if PS3 developers were given 100 years.