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HappySqurriel said:

Even the rumoured "Low End" GPU in the Wii U, after modifications and optimization, will likely be able to play games on a similar level to Crysis 2 at close to its highest levels of detail with a resolution of 1080p @60fps ... While graphics can improve beyond this point, the value in pushing graphics is becomming smaller and smaller over time.

On top of the lower value, until there is a means of managing development costs while producing dramatically higher quality graphics it is unlikely that publishers and developers will push high end hardware that could be released with next generation systems. At a time where developers are going bankrupt if their $20 to $40 Million game doesn't sell as well as expected it isn't likely that these publishers/developers will want to start producing games with an average budget that is approaching $100 Million.

Edit: Please note that I'm not saying the Wii U will be able to match the output of Crysis 2 at its highest settings at launch, but more that the best looking games after 3 or 4 years will probably be very similar to what we see from Crysis 2 on a high end PC today.

I think you should just have your paragraph in notepad so you can copy/paste it for every graphics thread instead of having to type it every time.  The middle paragraph is probably the most compelling for the arguement.  If development cost were x2-4 for the next generation then even more developers/publishers would go out of business when compared to this generation.  We would probably be left with just EA, Activision, and a few others ditacting the smaller developers into publishing sequel after sequel (due to them not wanting to take new idea risks).  Basically the gaming industry would turn fully into a Hollywood mentality.