Will the next generation of consoles finally be the end of the graphics wars?

Just how much further can video game companies push the graphic capabilities of their systems? I remember growing up there was a huge leap in graphics going from the SNES to the N64 era, and even when jumping into the GCN era of gaming. Nowadays it seems like the graphical gap between generations is beginning to close. But when will it end? While I don't think it'll be this next generation, surely there will be a time when graphics are so photo-realistic they can not improve upon them anymore, and improvement in hardware performance would mean better AI, physics, more enemies on screen, etc...

Article here