Advances in technology won't be as significant as they have been in the past, most games won't be materially improved by simulating every drop of water in the pond you are wading through. More resources can be profitably spent to make the creation process easier. How things will play out with respect to connectivity and where the data resides and processing takes place is still a very interesting question. The overlap and convergence between desktop computers, consoles, laptops, handheld gaming devices, and cell phones is also interesting. It is all still quite exciting.

Quoted in Brad Cook, "John Carmack: Making the Magic Happen" Apple.com