The last console generation to showcase a huge graphical leap was going from PS2 > PS3.

The leap from PS3 > PS4 was noticable, but no where near as exponential as before. Going to PS4 > PS5 (and even less in regards to PS4 Pro) is going to be even less noticable.

The only thing that's going to set the PS5 apart from PS4 Pro is ACTUAL native 4K (versus checkerboard rendering) and HDR that will actually f***ing work properly/effectively. (that is if developers step up this time)

I can look at a game looks Metal Gear Solid 3 and get the emotional impact that I need. The lighting isn't generated on the fly and the textures aren't as detailed but right there, that's when graphics were "good enough".

Graphics are better than ever, as I said in my last post of this thread. I think the bigger achievements of better hardware have been:
Smoother online
More characters on screen
Better AI
Virtual reality
Cloud storage
Motion control

Things of that nature. I have an Xbox One X beside my PS4 Pro and I have base PS4 and Xbox One consoles. I still get impressed by games like Pikmin 3 on the Wii U, though.

The perceived increase in "graphics" has certainly slowed over time. Some people may not have been gamers during the SNES -> N64 days, which is a leap the likes of which the world may never witness again.

But just because it's slowed down doesn't mean that it can't still be appreciated, even today. New, impactful, graphical technologies are always in the works, and I can't wait to see how things look in 5 or 10 years.

PS3 to PS4 made it pretty noticeable that diminishing returns were setting in. What they need to focus on now is AI, physics, and steady frame rates.  Resolution should not be at the top of the list at this point.

There were a lot of changes from gen 3 to gen 4 to gen 5 to gen 6 in graphics, controllers, audio, game design, genres, etc., etc. and it was all great to experience as it unfolded.

As far as graphics go, I specifically remember noticing back in 2002, playing a Xbox and thinking "what is the point of the graphics being shiny-er or sharper?".

At the time, I knew Xbox had graphical advancement beyond what other consoles were doing, but stuff like load times, and controller ergonomics were way more important to me so I would get any multiplatform games on GameCube and just get exclusives games on PC/PS2/DC (PS2 being my second most preferred, since it had the best controller, though load times put GameCube above PS2 for me). Xbox controllers have never been comfortable, so that was always a no go for me.

When the 360 and PS3 came out, I didn't see the point, it was the same games with a new coat of visuals laid on top, but worse because a lot of game studios went out of business, we got way way less quirky mid-teir games, and games focused more on cinematics.

I ended up playing more PS2 and PS1 games than PS3 games on my PS3 hardware.

I got heavy into PSP gaming in 2010, when I found out that is where a lot of the interesting mid-teir games went.

After a few years, I had no interest in gaming on a TV/monitor anymore. I got a 3DS and Vita and skipped the Wii U/PS4/XB3, left my TV when I moved, and eventually quit gaming for a few years.

Graphics mean nothing to me now, I put 600 hours into Stardew Valley. If it had PS1 low poly graphics, it would make no difference, I played tons of low poly PS1 games many times through on the PS Vita.

MK8DX with GameCube graphics would be the same game to me.

As far as hardware goes, I am much more interested in stuff like near-instant save/load times, no (or at least instant) installs, ergonomics, pocketability, battery life, etc.

Basically, if the game is enjoyable and the hardware "gets out of my way" as much as possible, that is all I really want.

The last time a console game really blew my mind graphically was Uncharted 2 back in 2009.

Since then, ironically it's only the Switch that has delivered that "wow how is this even running" feeling for me and only in the sense of "I can't believe this is running on a portable device". With greater limitations always placing it several years behind console tech, mobile tech didn't hit diminishing returns quite so soon; Switch's leap over 3DS/Vita was a lot more impressive to me than PS3 to PS4 or 360 to Xbox One. 

The last game that made me genuinely go "wow" was Crysis... On PC.... In 2007.
It was a step up from anything the 7th gen consoles were doing... Before that it was Halo on the OG Xbox... And before that, Perfect Dark on the Nintendo 64 and before that, Donkey Kong on the SNES.

Since then I have been impressed with various games like Metro, Battlefield, Ryse, Horizon: Zero Dawn and so on... But none that have made me rush out and buy new hardware to experience something at it's absolute best or made me spend untold hours looking at minute details that makes a scene look pretty.

It was definitely the 7th generation for me. So around 2005 or 2006. Sure the games looked better than what was on the Gamecube or Xbox, but not by that much. And more often then not, the increased focus on graphics also seemed to come with less in game content. I want more game modes, more levels, more options. I don't care if the graphics have to take a hit to get that.

Honestly it depends on the game. Batman AK on ps4/xbox makes batman origins look like a vita game, same thing for RDR2 vs red redemption 1. i just watched some gameplay of uncharted 2 and it looks so dated. I honestly feel switch jump from vita is the same as ps3 to ps4. it's just took developers much longer to get a grip with the hardware to take real advantage of it.

PS3/360 do indeed look technically dated now, but I still haven't seen anything on PS4 that leaves PS3's best quite as far behind as later PS3 games did to anything on the PS2. 

When I look at something like Metro Exodus maxed out and raytraced on PC, now THAT looks like a proper generational leap over PS3/360 to the extent of prior leaps, in my eyes anyway.