For example, LA Noire looks dated (though still excellent in many ways), while Borderlands looks as good as when it was released.
LA Noire while it feels a bit dated, the characters don't really hit uncanny valley thanks to the facial motion capture technology. I am still aware they are a video game character, just a very emotive one.
It makes me think there is a peak realism we should chase, after which improved graphics wouldn't really add much. I wonder if maybe we aren't already there.
Many games suffer from high detail but lack of clarity. We are still working with a 2D screen with limited dynamic range after all. So that means when there is higher detail it can get overly busy. Lacking contrast, making it hard to decipher what you are looking at quickly, especially if it is moving. Stylized games can add visual contrast in their lighting and art, improving clarity overall. Having said that, I think games could leanr some tricks from cinema in this regard. Just capturing what is real doesn't make good cinema, you have to engineer the scene and the shot.