You have a point there Slick, although I don't think we are going to get much more out of these systems than what we do now. COD is a annually released game, they won't take the proper time to make it look excellent (compare to Gears of War/Forza etc).
Besides, they still have gameplay issues, what's the point in polishing a turd?
I personally enjoyed the single player of Black Ops, it did immerse me and it was a great campaign to play so I look forward to MW3. I still play it online a lot, but one of the main reasons is because my friends still all play it, it's a social event.