Oh for sure, there is a big focus on Ray Tracing at the moment... And A.I.
Next gen will likely see the biggest leap on the CPU side.
I do think next gen will be a little longer than this console generation though, mostly because we will probably be stuck at 10nm/7nm for a fairly long time.
Fabrication Process. Not all foundries will be on the same node. Not all nodes will be at their "advertised" geometries either.
No... local processing power will always be better... no matter what the internet infrastructure is... just a example, all the vanilla ps4, all of them together have over 130 exaflops of processing power... 130 000 petaflops... the biggest supercomputer today has 125 petaflops and uses over 15 000 kw of electricity... we would need over 1000 of these just so everyone could play a ps4 game at the same time... since ps4 has 1.8 teraflops and xbox one x has 6 and next gen will have over 10 teraflops... the math doesn't add up... yes, not everyone plays at the same time and this back of a napkin math... but it's just to show... it's much easier to say than done...
There is more to performance than flops.
Depends on how low latency over internet can get in next 10 years, but he's probably right - streaming services are the future.
There will always be latency, the laws of Physics does come into play in that regard.
That is... The greater the distance, the greater the delay.
Not to mention all the hubs, switches, modems, towers and other equipment add their own delay as well.