I myself have felt this feeling. Everyone else on this forum will know it for sure and its the fact that most games are now console ported and that cutting edge graphical factor is gone, that was the thing that used to keep me going as well. The rate of advance in the early to mid 2000's was amazing and there really was a point of upgrading to the next gen when you saw the advent of the Source engine with HDR, Rainbow Six, Crysis 1 etc.
I can remember I had a 7300GT circa 2006/7 and even though Rainbow Six was a console port utilising the UT3 engine, it looked amazing and ran at around 10fps on my rig. Being 15 at the time and only having 300 in my bank account, without a thought and the most random of impulses, I went out and snagged a X1900XTX at the time off ebay for 300, everything in my bank account. After I did it, was like wtf did I just do, but it was a beast of a card and I loved being able to play Rainbow and Crysis at 20-30 fps for one (me being out of the know, didn't realise my single core was a massive hindrance).
But yeah, that general feeling is gone and I understand what the OP is saying, hopefully with the advent of the next gen consoles, it shall arise once again.
And I myself have found joy in peripherals now, ie keyboards, speakers, headphones, monitors, sound systems, etc
i5 2500k 4.5ghz
Samsung 830 128gb SSD
creative t20/z53000 fusion sound system 5.1