No. Movies are still going ahead with better CGI every year and consoles are lagging 2 gens behind movies.
Screen size doesn't have much to do with it, but it will be at least another gen to get a satisfying performance on 1080p, next gen won't cut it yet.
Tools will get better and easier to use, the rising costs will not be as bad as feared.
It's not just the race in graphics that will keep the war going. We're still a long way from realistic physics, volumetric flowing water, weather effecting terrain, complex evolving procedural worlds. There are lots of other things that can be done to improve immersion instead of higher res textures.
The ultimate goal is the holodeck. Before that lightweight glasses that give you a view indistinguishable from real life. Before that 8K stereoscopic glasses with a 150 degree field of view. Still a long way to go.
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