The 7th gen CPUs being so powerful for their timeframe make 8th gen basically a resolution/texture detail upgrade at best in most cases. The biggest difference in my mind is the ram upgrade from 256/256 and 512+10 to 8GB unified. Less loading stops.

But the per-core IPC bottleneck combined with the difficulties in dividing complex loads evenly across many cores seems to be the real reason 60fps gaming is so rare on 8th gen so far, and will likely remain to be the case. I even remember looking carefully at the Titanfall 360 vs X1 comparison, and finding heavy spots where the X1 framerate dipped BELOW 360s, probably due to CPU. The 3.2Ghz Xenon per-core is better in some tasks than a 1.6-1.8Ghz Jaguar, which is a truly abominable processor. Per core per clock, the Jaguar loses against ANCIENT PC CPUs. And by extension, last-gen Console CPUs to boot. It's just that you now have 8 of them.

Edit : CPU task comparison found here. Paints the Xenon as slower than expected, but the Cell as massively effective.

http://media.redgamingtech.com/rgt-website/2014/10/ubisoft-cloth-simulation-ps4-vs-ps3.jpg

This gen has impressive looking visuals, but not as a big of a jump as, say, 4th to 5th or 6th to 7th

There's definitely an improvement over the previous generation, but I find this gen to be disappointingly underpowered... They've already been struggling with resolution and frame rates over the past year or so, so I wonder how long this gen can last.

I'm slightly concerned that these limited consoles will hold games that are also on the PC back, but having now seen the Witcher III that doesn't appear to be the case.

There's not a sizable jump and we're likely not going to see one until technology becomes cheaper.

Problem is that to obtain that leap one has to spend a significant amount, which most consumers are unlikely to do.

I think there have been a lot of graphical improvements so far this gen. It's hard for me to play a ps3 game now. I think the issue is that there have been so many cross-gen games and remasters that may hold back further progress.

Yeah, there is an improvement but NOTHING compared to the Genesis to PS1 and PS1 to Dreamcast/PS2 jump. 

Not only the graphics improvements, also the chance to record what you just did and share it with friends is such a great feat. The share play, remote play (which will be available to xb too), game installs, etc, just uplifts this gen so much. Have more games to finish on my ps3 than my ps4, but is more natural to me to boot up the ps4 and have a play session.

I'm impressed with the graphical capabilities of the PS4/XB1, but it's still perceivably the smallest graphical gen-to-gen leap the industry has seen IMO.

With the CPU portion of Jaguar being so god awful, I'm not super sure we're going to ever see a notable change other than resolution/textures for most of this gen. See : Witcher 3 and a ton of others. 8th gen + PC only, yet hobbled by barely adequate framerate. Or Bloodborne, a full PS4 exclusive. A brilliant game all things considered, but a solid 30fps it is not.

A light at the end of the tunnel might be GPGPU and/or HSA. And that depends on the brilliance of the best coders, and much improved SDKs. Laziness seems evident though in so many cases even in large budget titles, with things like AF being left out or butchered for no good reason.

The graphics this gen haven't impressed me at all but then again, I've never really cared about graphics.