But that's the catch really... with this gen we aren't going to see the same change in graphics as we did from 2-3... They're saying that they will be able to do more with the graphics but their is a depreciating return on this system. And the development costs are going to be too high to really jump to a new level. This is the graphic that I saw to explain why it will be better but not monumental.
A lot of the advancement will probably come in the ancillary things like being able to run more objects on the screen at once. So in that regard you will see a more immerse environment. And be able to handle things like 64 live players at once, although that's more a server thing but you get what I mean. This can be show with the demo of the 1 mil blue things falling that they showed during the launch. I think you're going to have a lot more environmental flutter like rain, snow, waves things like that than you are super high def graphics. It will make a big difference but it's going to take developers a lot of time and money to catch up to it. The PS4 is going to be all about making it social more than better graphics. The streaming, live look ins, video capture... ect... it's basically going to be a PS3 with a bunch more features and power.