I hope next-gen games look like Epic said they would.
They've shown a tech demo running in real time using 3x GTX580, and they said they can get it running in a single GTX580 if they optimized it.
This tech demo has way better graphics than anything on consoles and even PC, it truly is the jump than one would expect from one generation to the next. It almost looks as good as Final Fantasy Versus XIII CGI graphics.
Watch in HD... it's still compressed but it looks better than 360p :P
http://www.youtube.com/watch?v=RSXyztq_0uM
There's also a Cryengine 3 tech demo:
http://www.youtube.com/watch?v=VJEL9Kipuw4&feature=related
I think costs shouldn't go up too much, look at The Witcher 2, it has better graphics than anything on consoles and it only cost 8 millions to make.... now look at Uncharted 2, it cost 16 millions and it has worse graphics than The Witcher and it also is way shorter and not open world like The Witcher 2.
As long as next-gen console's games look like the Samaritan tech demo or better I'm going to be happy with the graphics... until I get tired of them and want something better again.









