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If doesn't matter, why botther releasing new consoles, we would just stay with our ps2.

CPU and gfx card are important because open up entirely new gameplay possibilities. The ps3 and 360 opened up new types of game with it 720p resolution, being able to fit more on screen, more detail. Also, their CPU made possible for physics to be realistic and proper online compability.

Only now with ps4 and xboxOne, is possible to make Crysis 1 on consoles (yes crysis 1, not 2 or 3). The open world games possibilities with the new generation will increase a lot.