Graphics are going to take a backseat this generation. Developers can freely choose larger level maps, better AI, more bells and whistles, etc (whatever they want) without having to sacrifice technical specs in other areas. This is the great boon for PC players. No more strange loading schemes with Pop-in to deal with console RAM amount. Multi-tasking on consoles now, just like on PCs. The use of keyboard/mouse, and port of more game types to console. Lots of good changes are there.
If anything the consoles are 1 step closer to the PC world. How is this not a good thing? Sure PC's will be crazy fast in comparison to consoles 1 year after there release, but the new defacto standard for game design is quite intriguing. I'm looking forward to fewer corridor shooters, larger world maps, new advanced AI, interesting physics, and more clarity in graphics (AA, AF, higher resolutions). That's all the consoles needed imho. Now PC gamers can enjoy the new standard.