Agree these machines were overdue, was among those crying for new systems back in 2010. Agree that they could have been more powerful, but as you say both companies have had nearly a generation of selling at a loss. You can't expect businesses to keep doing that. I don't agree PCs have to be held back, if they are then it's due to lazy and greedy developers, not through any fault of MS or Sony.
As i keep saying graphics will not be "good enough" until you literally can't tell the difference from the real world, i.e. the Matrix. But it may take a while and i'm comfortable with the current consoles. Don't forget at least some developers will take the time to get more out of the hardware, which is not as underpowered as some make it seem. I expect even 1440p is possible with the right effort and optimization. Find a way to suspend the OS reserve and there you have it.
Keep saying this but no one notices, i mean you really think 5-7 billions 28nm transistor machines with 8GB RAM are weaklings? They're not. They're just not properly configured or utilized at this point, but we need to be patient. They will never exceed what is possible on much more expensive and vastly more powerful PCs, but they will get better than what we have now, for sure.
The thing is the last generation systems had GPUs which were equivalent to much more expensive PC GPUs. They have plenty of RAM, even more than I thought they'd have. But their GPUs are weaker than I was expecting. I honestly was expecting 1920x1080x60 for every single game, no exception. It really should be doable with the GPUs we have now.
The last gen consoles were sold at a loss initially. Eventually the hardware became cheap enough that it was sold at a profit. This time they're starting at selling for a small profit. If they had sold for just a $50 loss even and put that extra money into the GPU then we probably could have hit 1920x1080x60 with no problems.
Developers code for the lowest common denominator. It's not really laziness, it's just business sense. The graphics for XB1 are still GOOD, people will still buy any game that targets XB1 so it doesn't really make sense for them to spend more money making the game scale up. Most multi-platform games will still target XB1 and port up to PS4 and PC. That's usually what happens and you can't really blame them. But if the weakest was stronger then the baseline would be higher.
All that said they're way better then what Nintendo puts out. They're just not as strong as I'd hoped.