vanilla, maybe.
modded, nope
skyrim with mods^
my god that is beautiful
the number of transistors is till going to double every 2 or 3 years according to moore, up until 2015 to 2020 probably, so I guess graphics can still be improved
but by then multiple new technologies like 3 dimensional transistors will be invented, and graphics will be extreme. And new technologies like the oculus rift will make this even better, so i think graphics still have a long way to go