I think mastermetal777 hit the gist of it.
We've reached the point where, visually, we're experiencing diminishing returns. You're just not going to notice the difference between a 60,000 polygonal model vs. a 600,000 one as much as you would 600 vs. 60,000. Improvements will be present in the details, but taken as a whole, the impact will not be as apparent or striking. People who only look at the surface aesthetics of current gen games and judge advancements on that factor alone are completely neglecting a large portion of the pie that is not obvious until closer inspection.
This isn't to say as time passes we're not going to see decent visual improvements (look at Arkham Knight to see this already), but I think what we WILL see alongside is better execution of the underpinnings that comprise the core mechanics and gameplay--better AI, physics, faster loading times, better/more consistent framerates, higher resolutions, larger worlds.
Also, give it some time. Developers need time to delve into new hardware and develop tools that utilize it to realize its potential. Because of this, I generally never really consider the release period of new hardware (or even a few years on) to be the "start" of next-gen. Only mid-late in their shelf life do I do so.
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