i agree completely but i think that this situation will be a catalyst for the next big step. i think back to when unreal was released. there was almost no hardware that could run the game smoothly, in a way it was a proof of concept of what gaming could become, but as hardware caught up we saw it give rise to a whole new way to make games, FPS, RTS, RPG, all genres really, have adopted the 3d model, even board games. now the market is saturated and the pressure is off the hardware vendors to make components that perform.
now its time for the software guys to push again. with modern hardware it may soon be possible to produce games that are ray traced. beyond that there are other technologies that will require greater processing power, and the GPU is well adapted to handle the loads of these needs. things like detailed realtime physics modeling, collision and deformation modeling and so forth.
i dont think this is the end of the golden age of the GPU, but just a small barren land that must be bridged to access the next level.