Seeing how, imho, the best games of all time were all made in the 1990s, I don't think gaming is all that reliant on powerful hardware.
For instance Pac-Man, Tetris, or Galaga are still good fun today. Ditto Super Mario Bros. Flight Simulator II? Sorcery? not so much. There are plenty of 3D games from the early 90s perfectly fun to play, and some IMO like "Thief" haven't been bested in gameplay.