Here's how I see it.
PS3/360 got off to a slow start because they were, at the time, unfamiliar technology.
PS4/Xbone are simple, easy-to-develop-for PC architecture. As such, they will not see the same dramatic improvement in graphics over their lifespan that their predecessors did. There will never be a PS4 game that looks as far ahead of Killzone Shadow Fall as, say, God of War Ascension does compared to Resistance Fall of Man.
Also, perhaps more critically, there's been no major advances in gameplay.
At this point in the last gen, we already had Wii Sports and Gears of War, which screamed next gen. Nothing like that exists on Wii U, PS4, or Xbone yet.
Where previous generational transitions felt like revolutionary leaps, this one feels like an incremental step.
Just my humble opinion, of course.
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