In many ways videogame graphics of today, are at the level of late nineteen seventies - early eighties CGI, feature wise.
If we look at what happened after that period in time, maybe we could get some indication of possibilities for future development.
Despite being a rapid expanding field of research, with some of the brightest and most creative minds in the computer industry dedicated to it, not many new breakthrough techniques and technologies have been invented in the intervening years. It has been a case of steady evolution and refinement, as opposed to revolution.
But sometimes a collection of stuff – in this case ideas – can be greater than the sum of its parts.
I don’t think buzzwords in the future of consumer electronics; will have the same PR importance that they have today. Computing power will reach a critical mass, and the difference from last generation will be clear for all to see, even though no radically new techniques have been used.
That said, I think spherical harmonics and displacement mapping is going to be big.