Are Xbox (and Sony) guilty of overpromising this generation?

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At this point, neither PS5 nor Xbox Series really feel like a new generation to me, the games just don't look like a generational leap over PS4/Xbox One.
I have yet to see anything on these machines that looks as far ahead of last gen as, say, Ryse Son of Rome or Killzone Shadowfall did over PS3/360 games, or Gears of War did over PS2/GC/Xbox games.