I think indies becoming more prominent is helping push the new ideas without bank breaking budgets again. But you have not not be after state of the art graphics for that, and really there's no reason the older consoles can't run these games. But at the same time, much better specs, allows less experienced (but highly creative) developers get their games running decently (i.e. don't require lots of fine tuning for decent frame rates).
More power is never a bad thing, expecting that 100% of everything is maxed out on every game is where things go wrong.








