No, graphical leaps won't be as big this time around.
Claim it as much as you would like, the X1 and PS4 are using PC parts, with a bit of "supercharging" using the consoles drivers. Developers already know how to utilize the consoles parts, whereas the last gen features less than 1gb of RAM to use, the 360's slow CPU, and the PS3's weaker GPU, foreign CELL CPU, and split RAM, which resulted in a need for heavy optimization.
Not only where each individual consoles difficult to program and optimize, but they shared different architectures from each other, so it took time for games to become playable on the other (ps3 mainly)
So games will still look gorgeous this gen, with those new GPU's. However, the simplicity and similarity of the parts means that games like Killzone, Infamous, Ryze, and Dead Rising are going to be the bases of how this gens games will look.
The only console that will have visual improvement over time is the Wii U, due to it's different approach and need for optimization; though even at it's best, the games won't look as good as the X1 and PS4 unless it's 1st party.