I agree with you. The last real innovation was open world I'd say. Many games are based on it, and its spin offs, enhance it, sometimes beautifully but then at the end its essentially a single type of game.
Consoles are better in a way as they're attached to TV (except handheld ones) and are dedicated to gaming. They don't really do anything else. Even with less physical hardware they get more audience since more people want a platform ONLY for gaming. I know gaming rigs can be much, much more powerful but then its essentially a PC.
The only things we're increasing on is the number of cores, core speed, memory speed and the memory bus of graphics cards lol. We're developing games to utilize more and more cores and stuff. But who has thought of developing a game with same level of graphics and detail but using less resources? No one!
If we do that, then our current rigs can be more than enough for UHD gaming, holographic displays and more. 'Bigger is better' is not the idea now, 'efficient is better' is. Produce a game like BF4 which uses less resources with same detail.
I know that's not possible, but that's what'll be REAL INNOVATION. I really like Intel on these terms. They produce more efficient models over more powerful ones. They don't have a 5GHz CPU, but still people choose it over FX 8xxx or 9xxx. Its about quality of gaming, not quantity in GPU requirements IMO.
If there's the REAL INNOVATION which I'm talking about, then your card is good for Ultra for 5+ years. Otherwise 2-4 years for Ultra as we say it standardized.