Yep, I think we crossed that line with the release of Intel's Core2Duo line of processors. My 2010 MBA actually uses the C2D 2.13ghz, 4GB ram, and a 256GB SSD and it performs perfectly fine for 99% of my uses. Only time I feel bogged down is when I run multiple Play! Framework modules at once.
I remember when the first C2D benchmarks were released, it was hilarious at just how much faster they were than anything else around. Poor AMD hasn't recovered since...
At some point recently, we crossed a threshold from being hardware limited to being originality limited (or I did anyway).