IMO the better graphics have more disadvantages than advantages. With hyper-realistic graphics, more and more games go for the "realistic" approach. If you want to have (so-called) hyper-realistic games, you need better stories.
IMO there is no need for a PS4 and an Xbox 720. Sony, microsoft and other developers should invest in imaginative people. Bring back over the top games or invest in people who have the ability to tell good stories.
But like all cultural products, the day gaming became big business the quality went downhill. All these endless franchises...they are boring. It's more of the same...why do we need every year a new PES or FIFA...give us a DLC with new teams and rosters and build a good game every 3 years...
Do we really need the 100.000th shooter that claims to be hyper-realistic (and where an health-pack is stronger than 3 bullets)? This year or next year there will be the much anticipated GTA, no matter how big, better and more spectacular this game will be...it will never have the magical impact of the first (or third) GTA game.
The game i'm really looking forward to is the reboot of SSX, because SSX Tricky and SSX 3 were pure over the top fun. Now we will get a bigger, better and more spectacular reboot. I'm pretty sure i will enjoy this game, but i'm also pretty sure that it will lack the magic of those older games...
Maybe we are spoiled and there are simply too many big budget games. The fact that developing games is complex and expensive has one big disadvantage: there is no big and easy reachable indie-scene. In music you can easily download music from small scale indie-bands or you can buy their CD's...In games it is more difficult to consume games from independent small scale and very often original developers...
Games are like movies, the best movies are not made in Hollywood, the are made by small scale independent film makers. The game industry is too young to have a big platform for independent game developers...Independent moviemakers put pressure on the big budget companies, so the movie industry (slowly) revolutionizes. This happens far less in the game industry because the independent developers lack the means to put pressure on the big companies.
Conclusion: the traditional industry needs more and better stories, and the independent developers need better access to the main stream gamer (or vice versa).
maybe the reason we wont enjoy these new games like we did beore is because
1. They are sequels x x amount of times
2. THey are not original
GTA3 was original and new concept
Vice City gave a new eciting flavour to it
San ANdreas expaded and new flavour also
GTA4 was GTA3 but less fun and better gfx
GTA5 will be GTA SA but better gfx
Why will we enjoy a replicated product
MW1 was amazing
MW2 was good single player but multiplayer same as MW1
MW3 was same again and now boring and worse mo maps.
TOo many sequels and similar games.
Why was Assaisns creed 2 so good? It was kinda new concept.
Batman? New concept
Infamous? New concept
Dead Space? Kinda new concept, well simialr to old RE and DIno cirsi type games but still very original in many ways.
TO many games are replicates of other games or sequals....the same games with different skins.
MEtro, Red faction, MOh, COd, Singularity, crysis 2...all same shit with different skins..
Gta4, saints row, RDR, just cause, saboteur, again all same gams with differnet skins.