Re: What's missing?
Graphics is one area where most gaming PCs leave consoles in the cold; they are behind in every other hardware aspect too.
Not enough memory, so game maps tend to be small, lots of loading screens etc. CPU is far weaker than modern PCs, not that games are especially well coded to take advantage of the numerous cores we can all now call on.
"but all the really big, important innovation happened years ago"
This is kind of my point.
There is a story that a century ago, a Patent Office official resigned and recommended that the Patent Office be closed because he thought that everything that could possibly be invented had already been invented.
Likewise, the fact that we haven't had much innovation recently is not a testament that we have reached the technological pinnacle, but that companies have eased off and are happy to just milk the punters of their cash.