I know i might get flamed for this but one thing i always used to look forward to were games that were pushing the boundary with graphics/physics and immersion. Far Cry, F.E.A.R., Half Life 2,Crysis e.t.c. All games that made your eyes pop when you first saw your PC rendering them in real time.
Unfortunately the popularity of console gaming and the longevity of each console generation is ruining this and i can't remember the last time i was really "wowed" by a games graphics.
I am looking forward to the new consoles coming out, simply because we might get some new looking graphics.
Also, on the same subject, what have Activation been doing for the last few years, it doesn't look like they even bothered to update the graphics for Company of Heroes and that is a PC exclusive!