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Mnementh said:

But there is another effect at work: diminishing returns. Back in the day the power difference allowed for signifacant different gaming experiences. Take 3D capabilities for example, this allowed for completely new gaming experiences. Nowadays the power differences might bring you sharper looking images, more realistic physics or literally more grass in a scene. But that all doesn't impact the gaming experience in such a meaningful way.

This will actually most likely change, probably not in 9th gen, since consoles will not be powerful enough, but it's fair to expect some smaller titles (which actually already happens to a degree).

What I'm referring to is switch (no pun intended) from polygon based worlds to fully volumetric ones (be it voxel octrees or something similar) - this is major paradigm shift, but (according to Tim Sweeney form Epic in an interview from some years ago on Gamasutra) requires some 25+ TFLOPS.