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HylianSwordsman said:
Different people are able to perceive to different degrees. Just as not all vision is equal for everyone, neither is perception. But diminishing returns seems obvious to me, and always did. The leap is great at the beginning, and while it's numerically even bigger at the end, we notice it less. You've got 3rd gen which you can practically draw in MS paint, 4th gen which looks orders of magnitude better, but can still be drawn in MS paint if you have talent, then 5th gen where the only reason it looks better is because it's in 3D, then 6th gen where it starts to actually resemble real life but blurry, then 7th gen is pretty much the same but not blurry, then 8th gen just looks a little crisper if you can make it out. 9th gen will be pretty much at the upper limit of the best of human perception to tell the difference, and from there, it'll just be improvements in physics processing and AI that'll be the difference from one gen to the next. Graphics never mattered that much, but soon they won't matter at all. This is the last gen that resolution will matter, next gen will probably be the last one that frame rate will matter, and we'll all look back at these graphics wars the way we look back now at the bit wars.

Not even close. Next gen 4K tvs will become standard with continuously growing screen sizes. 1080p looks pretty dull once you've seen a 70" 4K screen in action. With bigger screens, higher framerate becomes important to reduce judder. The bigger the screen space covered by objects the higher the fps you need to be able to track them without judder. 120fps will be the new 60fps.

VR is still in its infancy. Spreading a picture over a 90 degree visual field requires 4K to get the same detail as a 42" 720p picture from 5.7ft away. Double that for 3D.

Resolution and frame rate will matter for generations to come. Plus we haven't even started with real time ray tracing for realistic lighting.
Consider this, Gravity took 50 hours per frame to render, or the equivalent of 7000 years for the movie using only 1 processor. And that's rendered in 2K 48 fps (3D) and most of it is just a backdrop with a few objects on screen. (ok the space shuttle alone was 25 million polygons)