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I think the upgrade will be small to moderate, depending on the developer. For the lesser ones it will be more of the development process getting much easier without the hardware constraints, while the top ones, mostly first party, will probably be the ones pushing graphics further.

The next generation after the upcoming one will face much more of an issue, since Epic already predicted you need hardware two thousand times as powerful as today for photorealism, which should be the demand by then, and developing costs will be sky high.