If the hardware is powerful as in top end pc specs powerful then yeah I could see 120fps with some rendering tricks, lots of RAM and high speed storage is going to be very useful as well. My main interest is what they can do with actual powerful processors, both the PS4 and XBOX were massively limited in this regard this gen. I really hope Sony and MS dont repeat what happened with the original xbox one and ps4 and cut so many corners, the 360 and ps3 were power houses when they launched. Only time will tell though, going to be interesting to see how this effects games in general.
For racing games I think the biggest thing will be ridiculously large fields of cars and LODs(or pop in) to never be noticeable.
