Graphics on consoles need improving. There is poor draw distance, frame rate drops, lighting/reflection/refraction, ambience limitations. 720p at 30fps max instead of 1080p at 60fps. Then detail as well.
But graphics are the least important factor (but still a bit important)
A more important factor is AI:
How do enemies react to you, if you kill their friends do they get scared or fight differently. If they investigate a shadow or noise do they tell their comrades who will get suspicious if they don't come back. Enemies on patrol go back and forth in the same pattern which is nothing like real life.
I read someone in Dishonoured stopped time took out 3 guys, chopped ones head off and threw it at the 5th. The 5th guy didn't react any differently- just attacked as normal.
Honestly I would prefer to play a linear game where enemies truly react to you instead of Deus ex:HR with generic limited AI (although still v good game).
An example of an improvement is the MGS3;
If you get seen you can take out the guy before he calls out to near by guards
If all the guards are alerted you can take out the radio guy before he calls reinforcements, if he lets out half a call then dispatch will still become suspicious and they send someone to investigate.
Hitman 2 innovated for its time too;
Disguising as someone from a small organisation (villa bodyguards) gets you detected faster
Holding the wrong gun while in disguise gets you detected faster depending on your proximity and if the guards are already on alert
dark souls;
Im enjoying the balance of dark souls- when you drink a potion you drink it in real time.
You can't pause the game to conveniently change to a more resistant gear mid battle. It also helps balance everything out unlike skyrim where you have regenerating health and potions you take instantly?? Love the game but some severe balancing issues...do the makers want me to take magic potions half way through a dragon fight, is this how the game is balanced 'cos i kind of don't want to do that.
What i'm trying to say is before improving graphics (which takes a crap load of money and man hours) they should spend that time improving AI, game mechanics etc. It will make the game so much better.
But it won't happen. I see user reviews where they focus in on the 'textures' of Dishonoured, 'omg that's not good' even though they made the game levels massive-relatively speaking. sigh