not for a while. first off, most cpu intensive games are first person shooters (because of 3d rendering and such). a lot of games now are going to be based off of either the quake 2/3 or unreal engines for a long time. hence there wont be a whole lot of increase in demand as far as teh cpu goes. the thing that will go up is the graphics card because of the implemented tricks that can be added to a graphics engine.
in fact technologies such as intel's mrm (multiresolution mesh) allow a low-end system to run an otherwise high end game by scaling the polygon counts displayed on screen.