We've gone nowhere in 5 years now. Crysis/Warhead still has the bar set. Even with all the DX11 features it has done nothing to move us past a five year old game from Crytek.
BF3 looks about on par in some scenes, but there is nothing that has raised the bar like Crysis did 5 years ago similar to the way Far Cry did before that or BF2.
There used to be a strong push for bigger and better visuals in games until the console became the big money maker. Now hardly any devs could care less about visuals any more. If anything they focus on keeping them the same rather than pushing them forward. We lost the big dev that was pushing PC graphics forward (Crytek), who are now churning out console-port turds with tacked on excessively demanding and unimpressive features for the port to PC. (Crysis 2)
Look at the situation today. We could run anything, even at ultra high resolutions, on the last gen 40nm hardware. 28nm has done nothing but bring an excess of unneeded power for the available games unless you are running high resolutions in a few games and want to use 2 cards instead of 3. It's a sorry state of affairs.
If 28nm were not so dissapointing in the performance gain it has brought, it could of at least brought single gpu performance that could play anything @ 1080P at a high framerate. Unfortunately as yet nvidia and AMD have not released anything impressive in big performance gains over 40nm on 28nm yet.