If "technology" (read processing power) was truely the most important thing for gamers few people would play games on any system except for the PC; companies like nVidia would be making more money than they could count by selling 8 Graphics cards with every system to ensure the maximum performance.
Time could prove me wrong, but I don't think that the extra processing power of the XBox 360 or PS3 will come into play that much in this generation.