I believe we update consoles too often (yes 5 years is too often) - developers can extract more and more from the current hardware as they become more experienced. If you're old enough to remember the humble Sinclair Spectrum with 68k (yes 68K) of memory not even Sinclair could have imagined how much developers could squeeze out of such a tiny memory.
The masters were 'Ultimate Play the Game' with Jet Pak and Knightlore - they later became Rare who managed to get Donkey Kong Country with 3D graphics onto the SNES, another amazing feat.
Anyway make your own mind up after reading William Ushers view