Developers are going to be more creative, better special effects is key to making better games. The hardware may look underwhelming when compared with a mid-grade gaming PC, it's all about creating better higher quality textures and special effects and not high FPS or higher resolution.
The difference between running 30 - 60 FPS sacrifices quite a bit of rendering performance, consoles won't be capable of running high resolutions (above 1080P) ever because the cost per console is limited! There will always be a limit since the hardware used is already generations behind what will be out in less of a years time for PC's, there always a step behind.
I'm hoping these higher quality textures make it to the PC port!