I think there will be a concerted jump in scale and performance afforded by the new hardware, but I don't expect, like, Mario's mustache to gain 10,000 polygons and hair follicle physics just for the sake of ze graphics.
Obviously, this only really applies to Nintendo, I'm sure all the Western studios will be doing what they usually do and burying their industry in their chase to somehow reconcile extreme photo-realism and faux cinema aesthetics.