Yeah, I'd like to see it. Rendering what you look at(which is by the way already the case, you mean loading only what you look at) is not feasible at that speeds, at least not how you describe it. You would have to restrict movement set and make character sluggish, since it will not be fast enough to follow the camera.
With data you have two basic approaches - just in time or preloading. For graphics rendering just in time would mean loading all necessary data each frame and even the PS5 is not even close fast enough for that. If you can't have that(and you can't), you have to stream to update your memory state as player traverses the world. And yes, PS5 will stream faster. Except it won't matter, because game usable traversing speed has limits and those limits correspond to the maximum requirements on bandwidth. You don't have to stream any faster than player moves to new areas in the world. Now, with current image fidelity, I claim that those requirements are vastly lower than available storage bandwidth. Better assets DO require better compute, since that quality has to be rendered, in high enough resolution and lighting, so you can actually see the difference. It's not like graphical chips were on vacation whole of last generation, they were plenty busy rendering assets we had. Even if we can improve on this front, I doubt the improvement will be more than 30x asset size, which is when XSX can't compete anymore. Alternatively, even if you use those assets, I doubt your rendering pipeline will use them properly, as you just won't have enough GPU juice.
