If games and drivers are optimized to take better advantage of multi-core CPUs and multi GPUs, as well as multimedia extensions of modern CPUs, then we could play all the games of 2007 using the current hardware.
The problem right now is that most games don't take advantage of multi-threading and multimedia extensions of CPUs and the graphics drivers don't always offer the best SLI or Crossfire performance possible by the hardware.
If the software becomes better then I'm convinced we could see huge performance gains at high resolutions with the currently available hardware. If you think about it, modern home PCs have super-computer characteristics, offering up to nine processors/cores per system: take a quad-core CPU, quad-SLI graphics, add an AGEIA physix card and you could predict the weather like they do with super mainframes :-)
My prediction is that the weather will only get worst if we don't bring down the power consumption of these machines :-)
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