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I get scared when they talk about graphics like that for consoles, and even more scared when I see anyone say "cinematic". Because it means that they are focussing primarily on graphics, which usually results in other aspects suffering, I'm generalising, and I know why they do it (pretty things sell), but I will always prefer 60fps over prettier graphics.
And another thing, half of developers couldn't manage 720p this generation. Aiming too high will just lead to repeats of what we've been seeing for the last 6 years.