When will we see photo realistic visuals in native 4k on a home console?

[SvennoJ]

It could be next gen.
All you need is 4K VR glasses with pupil tracking. Then you can reduce the render load to 5% of the full image.

Depending on what you render, today comes very close already.
http://gematsu.com/2012/03/kojima-productions-fox-engine-vs-reality
And the Luminous engine
https://www.youtube.com/watch?v=ZXSUHD8R6po

Add a bunch of dof effects, choose the lighting carefully and it's not too difficult anymore to appear photo realistic.

Full open world 2160p60, real time ray-traced, 3 more gens at least.