It's called different graphics settings.
I assume that they would develop to the extent of the console's capabilities since they are stuck with that hardware for the life of the console hardware.
As far as PC's go, like NO_Walking said, "graphics settings".
My only question with regards to PC's would be... if you set all the graphic settings to the highest option, what % of the capabilities of a top-line PC build will ESO take advantage of exactly?