And yet there is no style of gameplay (I'm assuming this is what you mean by games doing something interesting) on current generation of consoles that wasn't done on previous generations of consoles. The only things that have changed is how things look. Whether that be increased graphics, increased physics or world density. All of which is easily scaled or enabled/disabled.
Large crowds have been done since the PS2 (Dynasty Warriors), open worlds have been done for ages, etc. AI has improved very little since the PS2 and almost imperceptibly since the X360/PS3.
What would be a revelation is if we had significant improvements in AI. Yet AI remains mostly as dumb as ever. Horizon while great looking (except little to no splashes or waves in water reacting to the player?) but still features AI that goes bone dead at times (plenty of examples in Strippin's Twitch streams of his full playthrough of HZD). Using HZD as an example, graphically HZD couldn't have been done on a 2009/2010 console without scaling the graphics in some way (which would have had little to no impact on the current gen graphics), however, the gameplay itself would have scaled without change.
Regards,
SB
Whils HZD in many ways doesn't do anything new, i would dare to say that the technical achievement of the graphics engine, the sound, art etc plays a very big part of making the game as good as it is.
In 2009 a scaled back version might have been fantastic, but as a very big fan of Vice City i must admit that the way it looks and plays today i simply cannot get into it, obviously my gamer brain has been schooled to expect much more. And it is more than just graphics, controls and freedom of movement is major part of the new games, i dunno if this requires more power but the improvements in those areas also play a major part in the improvement we see in newer games..