My point was less about power, and more about something completely new.
When we first started seeing Dx9 games, things were very impressive. Real looking water, bump mapping and all that stuff was completely impressive. Now, we are getting really close to realism, to a point it would take a lot to impress us like then.
The Oculus Rift is something radically different, though it may still have similar issues as 3D does, in that a lot of people can't handle it. I suppose a staggering amount of power might allow us to get realism high enough to impress us, but I doubt it would happen fast enough for us to be in awe when it happens. We'll just see small improvements, which won't wow us like in the past, when we saw major advancements in visual IQ.
I'm guessing the next phase is going to be higher and higher resolutions, which means we won't see much visual improvements, other than sharper images for a while, because we'll be trying to catch up to the additional power requirements for higher resolutions.
I think what most people were disappointed about the xbox360 and PS3 "Next Gen" was that those two consoles single-handedly stifled significant increases in real geometry amounts and real texture quality/resolution.
The reason we're wasting the huge amounts of computing power right now on what doesn't look revolutionarily better is because of the exponentially increasing expense in real dollar terms that hiring artists to fully exploit higher resolution textures and higher polygon counts.
Even something like Crysis 3 doesn't look revolutionarily better when you turn off the blur shaders and show what's actually rendered before the photo-shop filters.
A lot of this has to do with the fact that increasing in the manner I discribe requires exponentially more memory bandwidth as well as exponentially more pixel fill rate, texture fill rate, and geometry rates.
The entire reason for Deferred rendering is to abstract the simulation one level higher so as to try to slow down the exponential hardware requirements to actually render those higher quality things.
If you watched all the videos the developers made of Battlefield 3's deferred renderer, you'll see that the optimization to make it run on today's hardware and abstraction layer to make that happen is by applying all effects as lower than screen resolution and then use a normal map or some other way to make that look less bad.