Just going to be more of what we've seen this generation with the middle falling out. You're going to have your huge franchises with massive budgets but the next step down will be downloadable titles. Those have really taken off, even without photo-realistic graphics. Publishers will still take chances looking for the next Assassin's Creed or Call of Duty but most independent studios will be working with a smaller scale. We're probably also going to see more episodic releases, which allow developers to test the waters without as large of an investment.
Personally, I'm pretty happy with the state of downloadable games. Unless you're the kind of person who only wants to play the blockbusters, I think the future of gaming looks pretty fun. I also wouldn't be surprised to see more stylistic artwork in the same vein as Borderlands or Journey.
