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Soundwave said:

IMO after you get passed PS4 tier graphics, the differences in visuals become much more subtle because either you invest that horse power in subtle effects like light bounces/reflections or ... you spend a Hollywood movie style budget for higher end models/visuals ... the second option is not possible for most studios, even huge studios can't be making $200 million dollar video games. Graphics don't magically come for free. The other thing is lighting doesn't scale linearally like people think. Just because you have 5x more powerful hardware doesn't mean your lighting is going to look 5x better. It means your GPU can be bogged down be calculating light bounces that basically force it to max out but the end result of what it looks like on screen actually isn't that big of a difference.

This isn't fully true. Heavily improved lighting from path tracing is gonna make a big difference to visuals when that becomes standard. Diminishing returns are setting in but there's still a long way to go from PS4 tier graphics.