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The real problem is that people are willing to pay through the nose for small increases year on year.Just watch the 8 series shall be slightly faster and slightly less power hungry than the 7 series I'd wager a guess there's an 8850 coming which is the exact same or slightly less fast as the 7850 but with 50 watts less power draw.
Not too bad tbf but lacking in quite a bit of detail. Tesselation sure makes things look pretty. I still use a PS3 but mainly as a media server now.
It entirely depends on the games you look at. First party games actually look pretty good, Heavenly Sword, or Ratchet and Clank, for example are very good looking games, especially given the hardware they're running on.I would argue the ps3 can't put out decent graphics anymore. The textures look horrendously low quality IMO. This was glossed over by most fast moving games but in most games the textures look appalling. Also dips into the 20's in terms of FPS aren't acceptable.
If they can put a 7970 derivative into a laptop I'm sure they can put it in a ps4. Most per unit will be the main sticking point.