Will you ever be 5 years old again? That feeling of wowza was it part due to being a child getting excited and carried away by something new and exciting as children naturally do. Now that i / we are adults everything seems much less impressive.
Having said that, the leap this time around is not very impressive. I believe the increase or acceleration year on year of computational power peaked in the mid late 90s sp it probably was a bog leap. I wasn't allowed a ps1 so i wouldn't know XD
3DO was the wow moment for me, the original Need For Speed where you could do as you like in a car, first proper crashes and sounds.
I do believe the N64 was a gaming zenith. I have never owned a better console.
COD online can't hold a candle to 4 player Goldeneye, Mario Kart or ISS 64.
FFVII was the point on my PS1 where I thought wow - As others have said I just do not see us getting any sort of jump that we have had in the past.