Im agree with you, because since the Radeon HD 5870, 2009 we not see a big jump performance,we see some developments on time (much better in tesselation GTX580) but nothing to indicate up to 10 times overall more performance over the next 2-3 years (unless something comes as leap Radeon 9700pro in 2002 ...).
You have to keep in mind that GPU designs have been stuck at 40nm for quite a while due to problems at TSMC. AMD couldn't do much more than refine and improve efficiency with the 6X00 series since their transistor budget wasn't going up. The next jump, since they seem to be skipping 32nm strait to 28nm, should be enormous. I don't expect the PS4 and 720 will be likewise hamstrung on 40nm production when released in 2013/14.