On PC, games slowly improve in graphics and features over time because there are no distinct generations per se and they just target the best of the moment, which is constantly improving.  On console, games also improve in graphics and features over time despite the fact that hardware is set in stone for large chunks of years at a time because the developers slowly learn how to properly harness the potential of the more complex systems

Studios must really be happy that these days the architectures in the xbox, playstation, and PC are all basically the same.  In theory, this should means everyone gets the best possible outcome every time, and from day one, and that the idea of "bad ports" are a thing of the past, but sadly it doesn't seem to be the case for some reason.