Problem with this question is it depends entirely from what view point you decide too look at the jump.
Assuming the gameplay they showed was in fact a legitimate display of what they have so far managed to get out of the PS4, then yes I'd say the jump was just as significant. The only think that is really obscuring out view on the matter is the fact that gen 6 to 7 had a huge resolution leap (seeing the difference between SD and HD is obvious), were as this time, though we do have a nice resolution jump, it's less obvious and less comparable. The big difference is in the stuff you don't see until you are looking for them, then you realise how great they are.
Being a PC gamer I have of course been enjoying graphics around the PS4's mark (not much higher, I have a powerful computer, but no where near the best) and from my experience the jump is less about "wow this waterfall is way more realistic than older games" and more along the lines of "Holy shit that waterfall looks good."
Might not seem like much at first, but it's a big step up in immersion, which I'd say is a big jump for console gaming.
