No it won't.
For starters, the games look nowhere close to being photorealistic.
Is that a game? Or is that a REAL live person on my screen?
I've never encountered a situation where it was even in doubt. Until that happens, I think all this talk is nonsense.
Secondly, even if the visual accuracy of models don't/can't significantly improve to blur the line between games and movies, any sort of environmental interaction would be considered 'looks' and those things certainly have vast amounts of improvement available.
For example, even if we stop looking at the football players in Madden 06, the field needs improvement, the stadium needs improvement, the crowd needs improvement. All of these things should interact with other features of the game.. such as finally getting realistic weather in the game. That will be reflected on the players, the field, the crowd , the stadium. That will be reflected in game play when in snow or mud, or passing/kicking through heavy winds. And those things would be reflected visually... the game would look improved because while the ball model might be the same, the flight of the ball will be represented more accurately due to these environmental interactions.
Tackling a player in muddy conditions might lead to digging up a nice hole in that part of the field, which would remain for the rest of the game and might cause other players to trip/fall in that spot of the field during future plays.
All these things are related to looks, related to graphics, and would make a huge difference in game play, and would be as visually a leap forward as any other generational leap.