On a technical level it is a large improvement, especially now that we're 3+ years into the gen. But I think the law of diminishing returns has truly kicked in, leading to the improvements being underwhelming. We shouldn't have to go back to the old games to see the difference. It should be obvious like the first time we saw Rogue Leader, Halo, or Gears of War, and very few current gen games have managed that, not because they aren't technically much better than older games, but because it takes more for the improvements to be noticeable than it used to.