I think the poly count problem is the result of the 7 year generational stagnation in consoles. Hence the necessity for tessellation - it allows for 'post-process' type effects on models, so the original model may remain a low poly model for low-end hardware and consoles, but bumped up for high-end systems. It saves having to make two different model sets. I know model swapping is available and used in LoD for terrain and static models, but I'm not sure they use it for highly animated models like people, (since the skeletons and morph points will behave differently compared to their higher poly versions).
Textures have remained static for a very long time, but additional layers are being added, like depth maps, normal maps, gloss and alpha.
One thing I think that needs to be expanded on is something called order-independent transparency - something we've seen before in an AMD tech-demo...
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Now use this in conjunction with a person. You'd have 2 levels to the person's skin, the outer skin and the muscle/vein underneath. Could figure out some muscle deformation too. Anyway, with the two layers, the top layer will be semitransparent, allowing some light through to the layer underneath, with its own bump, gloss, etc layers. It would be possible to get some very interesting and realistic lighting effects, instead of relying on just solid textures. In ray-trace, this would be the equivalent of sub-surface scattering. Though admittedly, I have no idea on the cost of processing this in a raster method.
Expand on this further, and you could create layers to a building, or even allow for someones skin to be peeled off, instead of relying on a separate/fixed model for that purpose. Thick glass could be done more effectively, energy shields, etc...
But the above method is a DX11 thing... and we all know where that leads... nowhere. Damn you consoles...
Anyway, if there is one thing I'd like to see abolished at least in my life-time, is clipping. Robes cutting through legs and chairs, hair defying the laws of quantum physics, sword wielders immune to their own weapons when sheathing. One day it'll be fixed... one day...