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There will be a limit to a degree. CPU does play a little part, but I agree that the CPU doesn't need to be the latest and greatest.

Even video encoding these days. Back in the 90s it was very CPU intensive. Then When GFX card become more and more powerful some of the processing filters started using the GPU to perform the functions the CPU had to do. It actually made encoding quicker and easier.

Saying that. There will come a time when CPUs do jump again significantly and we will need to upgrade.

So in a sense generations will be dead.