Depends with new tools and techniques and less tricks content creation gets easier and faster. Alot of tricks are very timeintensive. Ray Tracing would become standard. Also there will be no need for new engines you will have just one. A perfect one that can do everything.

I really wonder what will happen if a PS7 has 5 Petaflops what direction will game development go. 

But there is still something Sweeney forgot. 5 Petaflop might be enough for 16k TVs and perfect graphics but what about 1000k Holo TVs.

HP developed a first Holo Display that can be seen from the side like the Princess Lea projection. This will probably be in Phones before we have 5 Petaflop GPUs.

http://www.theverge.com/2013/3/20/4128808/hp-labs-developing-a-holographic-3d-display

But to reach perfect picture quality in full 3D space with any technology, you would need alot more resolution than we have. All the resolution has now to go into a full 3D model  and the result is very grainy. 5 Petaflops won't be enough maybe 5 Exaflops this would be a real Holodeck then.

Oh yes! By that time we might actually move away from rasterization and use voxels for rendering games..

We'd probably have to wait a few decades for this to happen though lol.

DIdn't know the PS2 could do that many Teraflops

Is that so? 

Then all we'd have to do is convince the Oak Ridge National Labratory to convert the Titan into a giant GPU.  Since it's pushing like ~20 PFlopts.

I should of been more clear.  I meant the Titan Supercomputer.

I can't wait for this to happen so I can finally play more street fighter like this

Well actually, for voxel base rendering engine Tim Sweeney estimated they'll need 20-30TFLOPS...so it's quite plausible we'll see that in next-next gen, and/or maybe later in next gen on PCs.

http://www.gamasutra.com/view/feature/189074/the_old_guard_an_interview_with_.php

Can't stand sWeeney. I find him evil. I prefers the Carmack, but starting to hate on the guy too. I think it comes with age. I'm a graphics whore and this time: I don't give a ...

Interesting read, thanks!

I mean.. if Sweeney says that it's technically possible with those specs, its probably close to the truth (the guy knows his stuff). I just don't see the whole industry making the move that early.. especially with rasterization being the standard as it is today. Maybe I'm being cynical :P but hey, I'd love to be proven wrong.

Ok then its about a quarter of the Titan Supercomputer.