The great thing about next-generation consoles is that it raises the bar across the entire industry. Activision R&D showcased "next-generation character rendering" at a panel at GDC 2013 and the results are really quite extraordinary.
According to Activision, these renders are from a GeForce GTX 680 in a DirectX 11 environment, which is one year tech. However, Jiminez says that the real-time demo used at GDC was on a "two year old laptop." See the results for yourself: