To me it seems a current gen game (light, polygons count, effects) in 1080 high resolution. No more no less.
I really hope I am wrong.
Perhaps you were having unrealistic expectations. This was always bound to happen at some point. Games have become so sophisticated and complex, that at some point, we are reaching dimishing returns. Newer, more powerful hardware offers more - but this difference is only visible in light of the full package - from visuals, to sound, to AI interaction and an all round slight increase in gameplay complexity.
Also, thanks to PC games already way ahead of what is being achieved on current generation hardware (PS3/360), we already had a fair idea of what to expect from the next generation. In the older days, consoles were closer matched to what was being achieved on PC, so every generational leap, the 'WOW' effect was bigger. Now, the transition is smoother, as we reach dimishing returns.
Looking at it from a different angle: We are getting an exciting new generation with easy-to-develop for hardware, hopefully more consistent framerates, better integrated online service, more HD-resolution and a higher quality of gaming across the board in boxes that will generate substantially less heat and consume less energy than what launch consoles did 8 years ago.
Sure, KZ still plays and looks like KZ (apart from the different art-direction) but here and there, there are some gems that sets it apart from what is doable on current gen. At the very least, the package as a whole is a lot better than what you can get on current gen. That to me sounds like a lot better deal than a game that has one or two 'revolutionary' new innovations but lacks in all other departments.
