I think that the idea of the topic is that UE4 is not a big jump. If this is the next gen (I'm sure it won't), I don't see people buying expensive new consoles for such a small improvement. Of course, UE4 screens looks way better than PS3 games, but if you look at the difference betwen PS3 and PS2 (GoW 3 vs. GoW 2), it's a bigger change.
Even when we talk about GoW 3 vs. 2, it's not a big jump if you compare with the PS2/PS1 transition. Kratos looks amazing in close scenes on PS3, but it's just hard too see all the details in the majority of the game. And we'll remain limited by 1080p TVs.