No matter how successful the Wii is it will not prevent the development of future graphical enhancements and modeling tools. In the near future companies will continue to develop games for the PC which take full advantage of processing power beyond what is available on the PS3/XBox 360, and modeling tools (content creation tools) will continue to advance both for games and 3D graphics in general.
What we're likely to see over the next couple of years on the HD consoles is ecconomic darwinism. Companies that keep costs low through content libraries, advanced tools and methodologies are likely going to thrive while companies which allow costs to escalate will suffer. Through hundreds of presentations at various GDC conferences infomation will be passed onto the general game development community on how to develop large quanitites of high quality graphical assets for a game while keeping costs down. Certainly, it may take extreme steps to keep content costs reasonable (like companies opening 3D modeling sweatshops in china to produce tens of thousands of generic game assets) but developers will find a way.
