Probably not ..
The next generation of consoles will probably be the last systems to use the raster-scan line algorithm to produce graphics because they will be (realistically) about as good as you can get that way; the following generation will probably use ray-traced graphics (potentially involving radiocity for diffuse lighting); and the following generation may move towards holographic displays.
On the user interface side of things, there will be a greater move towards interaction with the videogame taking place in real-world space (as opposed to digital space) and may potentially involve projectors and cameras in the next generation; and the following generation is too difficult to predict.
Essentially, until we have systems that are 1,000 times as powerful as the HD systems there will be ways to improve graphics for 2D displays; and in the not too distant future, there will be other kinds of displays which could potentially require significantly more processing power to produce similar visuals. On top of that, until you have a holodeck there will always be ways to improve the user interface.
Around 2020 there will be a new generation of consoles on the market (or almost on the market) that are the successors to the next generation of consoles, and they will be advanced in ways that make people consider the current generation of consoles as being (somewhat) primitive.
