The visual leap so far is rsrher unimpressive, but I always expected that. Of course it will be a while till we see the new consoles pushed as well.
I expect most significant changes to involve better AI, physics, little to no load times, etc. This generational lead will feature more potential gameplay innovations, but less impressive visual impact. There is an upgrade for sure, but mostly in a way that it will be most noticeable in a still shot or if you are really trying to pick things out. Not trying to downplay the technical aspect, but to the naked eye they just look like sharper PS4 Pro games with a few added details here and there that will go unnoticed in motion. Doing away with pop up will probably be the biggest and most significant visual improvement IMO.
That is fine, because we are reaching diminishing returns with overal visual fidelity as a whole. There is still a ton of potential in other areas however to look forward to.
While I mostly agree that the true punch of this gen has yet to be shown, watching some of the trailers in 4K makes it immediately apparent that they could not be rendered on any current gen console. Horizon: Forbidden West and Pragmata in particular.