The jump from 6th gen to 7th gen was impressive largely because of the jumps in resolution from SD 480p or 480i or even less in some cases to mainly 720p.
The jump was probably quite a bit less impressive to PC gamers of 2005/2006 since VGA/480p resolution gaming hadn't been the standard for PCs since the 90s.
Yes, there were a lot of new lighting effects, physics, particle effects, higher poly counts, better and more shaders and texture maps, but we're seeing the same improvements in the 8th gen.
It must be pointed out that the current 8th gen games are 1st wave releases. 3rd party games are essentially ports. And 1st party games are first efforts on all new hardware. So sure; it's not unusual to be as non-plussed by the current games as one should have been at the first wave of 7th gen games.
Looking at some of the games that were developed for 6th gen hardware yet also received 7th gen ports, it's pretty clear that the main update/advantage was higher resolutions, maybe smoother frame rates.
If either MS or SCE had gone with an all out, break the bank, let's lose hundreds on every unit sold approach for the 8th gen, look no further than top end PC hardware to see where that would have topped out. At best, we'd be playing on consoles that could output resolutions to multiple displays or 4k displays, neither of which are in the typical living room.
I'd be surprised if 4k HDTVs become an up market standard by the end of the 8th gen.
As for multi-displays, as much as I love panoramic gaming, it's better suited to the desktop where a minimal amount of console gaming takes place.
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