overwhelming: the (shock?) of 32-bit CG

圧倒的。ビット32CG衝撃。

Yeah this is it. "Overwhelming" and then it could also be something like "the 32-bit CG impact" or maybe "32-bit CG is a shocker", so definitely talking about the console. Although writing "bit 32CG" would be an odd way to phrase it these days, but I guess there are a lot of tech phrases from 30 years ago in English too that sound pretty strange now.

The main tagline is on the top right that's basically "Games are changing. The future is changing."

ゲームが変わる。未来が変わる。