The difference graphically is quite immense but we've hit largescale diminishing returns. Last gen they were able to make games look great with a lot of modern rendering techniques that were a lot more efficient and could run on a toaster. There are new rendering techniques that are now able to be used on the PS4/Xbox One that couldn't work on the PS3/360, but titles using those techniques are yet to hit.
I can't really quantify the difference in numbers but the difference is massive. Playing Killzone Shadow Fall on a PS4 is a generation ahead of the best looking PS3/Xbox 360 game, and we've only begun the generation. While games like Uncharted 3 and Gears of War 3 had an entire generation of optimization, the early games on the PS4/Xbox One do not have that. Games like Ryse and Killzone Shadow Fall look a generation ahead (at least).
Even multiplats, which last gen looked barely better than their 6th gen counterparts, look a generation ahead. Games like Assassin's Creed 4 look amazing on the PS4 and are noticeably higher resolution and higher fidelity than the PS3/360 version.
Though as I said, we've hit diminishing returns. Games got pretty good looking last gen on outdated hardware. While new games look spectacular compared to last gen games, those who aren't as in-tune with video games aren't going to notice as huge of a difference because of diminishing returns. The PC has struggled with this for years now.
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