Everyone still underestimates the importance of the artwork and the less obvious aspects of technology, stuff not related to resolutions or bandwidth. The limitations of the previous generation have locked out just so much that developers will need a year or two just to explore the new possibilities.
Case in point, facial animation - my speciality
Most games are still locked in a mindset based on constraints from PS3/X360 - low amount of memory mostly, and of course limited human resources to produce assets.
For example, Ryse and The Order are both using a facial animation system relying on bones and animated normal maps, despite the huge amount of memory available. They are probably re-using the same head geometry for every character because this way they don't need to redo the weight painting process, which means they can't build facial wrinkles into the geometry, they can only use normal maps to create the creases on the brow and the bridge of the nose and the crow's feet around the eyes and so on.
But 8GB is enough to store a LOT of blendshapes, so they could create head models fitted to each character, with the folds and wrinkles accommodated in the geometry, so that the actual forms and silhouettes can change as well for each facial expression. It's also possible to rely on scan data for the facial expressions if they can license the likeness of some actor or model.
However this is a tech that game devs are unfamiliar with for now, it's only used in movie VFX and CG animation - so they need to invest in R&D and change tools and pipelines and engine tech to implement this new approach.
So, let's extrapolate from this. There's an entire universe of asset production and rendering tech waiting to be discovered by video game developers, that can make a much much bigger difference in visuals compared to upping the resolution. Facial animation is just one possible field, but there's a lot of room to advance practically everything in the visuals.
And tech is just one side of the coin, but the artists have a lot more room in this generation in how they build assets or fine tune lighting.
I mean, just look at Battlefield 4 and COD: Ghosts as a nice example of the difference artists can make. The renderer features are of course better in BF on the current gen, but on the PS4/X1 the game is still looking much much better, eve though IW's new renderer has almost all the checkboxes covered.
So artists will become a LOT more important in the coming years, and I also expect a lot of game developers to hire movie VFX professionals, both for guidance and for content creation. Hardware will matter only in that it enables the artists' skills to become more important.