I agree with you. The DirectX 9.0c feature set was revolutionary for me - I remember how much better the lighting looked in games from 6th to 7th gen. The latest improvements in graphics fidelity seems to be more focussed on particle effects and making surfaces look more realistic - but as nice as it is, it just does not have the same wow factor for me.
Edit: And having multiple reflections seem to be important now. I really struggle to understand how the ability to spot the lice on the back of my team mates head via the shiny cup in the corner of the room is going to improve the game quality, but there it is.







