http://kotaku.com/5916115/square-enixs-next+gen-engine-shows-what-future-final-fantasy-games-could-look-like

Finally consoles are moving on to a new era with beautiful realistic graphics.

I myself never play on consoles, but some developers like Bethesda keep on releasing games with graphics that aren't up to today's standards because they want them to run on consoles.

I hope we'll see an open world game with the witcher 2 graphics soon.

Now that consoles are taking a huge leap forward, we will probably also see a similar trend in the expectations of computer hardware. Thus far, you've been able to get by with a 4 year old computer, but soon that will probably change.

Still, I'm looking forward to this development, and hopefully all that added processing power will be spent on other things than just shiny graphics (though shiny graphics is of course always nice). They can for an example develop more complex AIs

The future looks good, Ubisofts upcoming Watch Dogs looks very promising

A contemporary open-world spy game set in Chicago, it looks incredebily detailed and is less focused on combat and more on manipulating electronics and exploring the world

http://www.ign.com/articles/2012/06/07/e3-2012-why-watch-dogs-is-my-game-of-the-show