I am of the opinion that for every generation that happens, more effort is needed to max out the resources that becomes available with new hardware. From PS1 to PS2 for example there was a greater need for artists and programers to use the extra processing power that became available in the PS2 chip set. With this new gen I believe Microsoft has its work cut out for it to compete directly in graphics with the PS4 (which has more power) but because the job of maxing out each systems full potential has become so great this time, Microsoft can innovate and possibly beat Sony here and there. Some would say Ryse was already an example of that happening in some ways vs Shadowfall. Technically they could possibly do that again like they are implying. But, wIll a new studio like Black Tusk be able to beat Naughty Dog though?
