When the 7th generation of gaming started in 2005 with the Xbox 360, games look drastically dfferent than what they did on 6th generation consoles. There was a bigger polygon count and the systems had much more power. Now that the 8th generation of gaming has started with the Wii U, graphics are taking another leap but not as dramatic as the last leap. PS4 graphics look much better than the graphics from PS3, but this is going to change once developers get used to the PS4 engine.
In the 8th generation, we will eventually achieve incredible graphics that are almost like reality. Of course, by the time the 8th generation ends, it'll be around the year 2020 and the 9th generation of gaming would be on the horizon. In 2020, we'll easily have consoles with 400GB of RAM or more and all gameplay for all consoles would be impossible to differentiate. We will finally have the capabilities to bring gaming to where it's never gone before. We can create games that take years to complete andgames that look more realistic than ever.
The 9th generation will be incredible affordable and will feature much more competitors. Apple may release their own console as well as Valve. Also, companies like Google, Dell, Intel, Nvidia and THX could all release a console at any given moment, so it's important to expect the unexpected. This is similar to Microsoft's scenario. People were in shock that Microsoft was releasing a gaming console. The first Xbox was great, but the Xbox 360 is what made the Xbox a household name. The next Xbox should do the same as well as the 9th generation system.
It's also a possibility that Nintendo, Sony, Microsoft and AMD could all go into one big agreement to release one universal console. The ownership of the console would be split into quarters and each owner could release games for the system at any time they wish to do so. Something like this would revolutionize the gaming industry and would be a clear winner. Valve may want to become involved with the system as well as iOS developers.
It's promised that the 8th generation will be great, but that as great as some make it out to be. In 10 years, we're all going to have incredible systems breaking graphical barriers. The whole "graphically superior" versions of games will no longer exist due to everything being able to use maximum graphics at any setting. Technology is becoming extremely advanced at an even quicker pace than expected and it can be easily seen through the last 20 years of gaming.