If one has a compulsive need to run every game at absolute MAX (or Ultra, or whatever) settings, then no, it's not overkill for 1080p.
Usually, even new games would look 95-98% as nicely on High/Very High settings without having to go into the menu and change it to a custom pre-set by finding one or two settings that actually can be pushed even further.
I mean, Crysis 2's tessellation pushed to MAX was overkill for the game itself as there was practically zero visually-discernible benefit in terms of how much nicer it looked.
Me, I just want 8x SSAA/TXAA on 5x 1600p (vertically-pivoted screens) without the damn bezels, with perfect Stereo3D - while the game developers work on implementing better next-gen console texture quality, physics, character tessellation, vast content of different programmed animations/movements/actions, plus
SMELL-o-VISION
and
FEEL-o-VISION,
and maybe
TASTE-o-VISION!
Anyway, I just need vastly better interactivity than what a stupid keyboard and a single mouse could provide. Kinect 2.0 / Leapmotion, whatever.. come on!!!!!!!!!!!