OK, next gen, consoles are going to have 1080p (native rendering resolution, not output which they have now), AA, AF, lots of RAM, high resolution textures, etc. Graphics are starting to cap - and the fact that a three year old game is considered to be the best looking one is a strong testimony to that proposition.
Increasing numbers just for the sake of it is not exactly progress. For example, 1080p resolution approaches the perceptual limits of the human eye. You might as well go 1000000p and it wouldn't look any different to the average person (same as with digital cameras which increase in resolution only as a marketing gimmick).
Of course, it would still be possible for the more flexible PC platform to take the lead, but at what cost? Will it be justified spending insane amounts of money for gaining only a marginal advantage when consoles will be able to achieve almost the same results at only the fraction of the cost?
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