But I believe that in the grand scheme of modern-day game development, where you have 2-4 years development time, I think that the extra work required would be insignificant. Especially considering the added value.
The extra work is significant; I might be boosting with the 3x multiplier, but it still doubles the time at least.
And the added value is, as has been stated here, only experienced by a very small percentage of the market, as demonstrated by video card sales - thus every studio lead and producer have to consider it a waste of human resources. Add in the ever increasing time for the creation of an average game's content, and the decision is made.
Edit - Or to make it simple and easy to understand: most sutdios are already having a hard time to create the art assets, without any fancy higher detailed versions. The whole industry has been in panic for a few years now, it's hard not to notice...