I don't think it's an immediate concern. I will say that I think games have pretty much reached a ceiling in terms of how far devs can push visuals on a technical level. Your comparisons work because for the most part, you compare early gen to late gen games. If you compare games released in the middle of the gen (Uncharted 2 vs Uncharted 3, Mass Effect 2 vs Mass Effect 3, Gears 2 vs Gears 3) the differences are minor. In many cases, they've had to cut something somewhere in order to put new effects or features in place, so in that respect, we need new consoles.
If you look at what games and modders are doing on PC with current gen tools, there's a mass of potential for next gen hardware.








