The catch is that games follow the law of "MOAR!": more details, more effects, more postprocessing, mpre abimation, more simulation... this means that the engine will almost always be pushed to max out the hardware long before the designers are happy with what they have.
Heck, I can think of pretty easy ways to improve sound and video quality of games in ways that are quite fundamental, but that would easily max out the best gaming rigs with either sound or graphics alone.
Bottom line: the need to optimize always comes sooner than you would expect.
Because its good enough? Perfection is the enemy good.
I can't see 2000 FPS, 60 FPS is good enough for me. Similarly the 20% vertex buffer hit might not matter.