In this current gen, a lot of games with medium to ultra settings have very small visual impacts the higher setting you go, and i don't think it justifies the cost of a super high end graphics card right now. I think games still look great at medium-high settings @ 1080p.
I am still using a 5770 and its a 3 year old card running games at medium to high settings at 1080p. My next upgrade is to be my graphics card, and i think i can get away with not upgrading until this generation is over.
I agree many games still look very good on medium and high.