You literally just described the PS2/launch PS3...new games exclusive to the platform but will natively play previous gen titles.
Nothing will change. We are reaching the point where visual leaps will look smaller no matter how great they are due to the quality we have been able to achieve already. However I have said it before and I will say it again, there is more to these leaps than raw graphical power. There is also processing speed, AI, visual effects outside of resolution, physics, draw distance, and how much info in these virtual worlds can be processed at once. People need to lose this idea that resolution and framerate is what decides the leap, it isn't and it never will be. It will always be saught after but the only platform that can realistically keep up with it is PC. Consoles will continue to push boundaries in other ways and I asure you there will always be a big enough leap rendering last gen obsolete when true current gen focus is given to a game.
In short no, this will not be the case. It was a nice little theory, but far too flawed to be reality.
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