Well the spec's of the PS4 and the Xbox (3) will be very similar considering AMD, is doing the development and production of CPU's and GPU's for both machines.
Rumours were that the PS4 would have a faster running processor in terms of speed, but the Xbox CPU would be faster overall due to CPU Core Count.
Not sure if the actual amount of cores has been announced for the PS4, but the rumours were that it would be a 4 Core potentially a 6 Core CPU, but that the Xbox would have a 8 Core.
Doesn't really matter though, because let's face it when it comes to AMD CPU's lately they are pathetic and overpriced if they cost more than £50 because the multi and single threaded performance of them is better only by a few % than that, of Intel Dual Core CPU's on a selected few synthetic Benchmarks that are not only cheaper but also run at lower clock speeds and use far less power and run cooler.
The only DECENT AMD GPUs, at the moment that I would even consider for a console is a AMD 7850/7950 because everything below them just performs so poorly for the power usage compared to the Nvidia cards at the same price, point it's not even funny anymore considering Nvidia were always made to look the fool with there high power high heat cards and now it's AMD doing that no one even bat's a eye lid at them.
The benchmarks are slowly coming out for the new Nvidia GTX Titan card, which is a single gpu card and it is outperforming a AMD Dual GPU card which uses 2 of AMD's current top of the line gpu's on the same PCB and that just shows how bad they are.
As for the games on the consoles, I am sorry but anyone who thinks it going to be a massive improvement is delusional because it's, not going to be any better than they currently get and also PC Game Graphics are not going to improve because the developers currently have no, idea about coding a game to work with DirectX 11 hardware except for 2 or 3 developers and only 1 of them are actually interested in developing for the pc the others, don't give a monkeys about pc gamers as evident by the clunky gameplay and poor graphic quality from there games.
These new consoles were supposed to usher in a new era for PC gamers but, looking at the specs of the consoles I have to say roll on the day when pc gamers stop buying games and hardware because only then will games actually improve on the PC.
There is also to much focus being put on trying to get a console to do stuff that they shouldn't be doing, like updating your facebook status and uploading videos to youtube, or watching live TV and recording TV on it using the inbuilt Digital TV Receiver that is rumoured also to be in the Xbox, also apparently the rumours are that the Xbox and PS4 are going to have functions in them for creating word documents etc I mean seriously WTF!!!!
A games console should be focussed on 1 thing and that is playing games not on whether it can make a brew for you or not, for updating facebook etc you use a pc or laptop/tablet.
Yet again though the developers of the consoles don't allow a Keyboard and Mouse to be used to play games with, which in this day and age is just stupid because they are alienating a shed load of potential customers because PC gamers would more than likely switch to a console, because of the lack of cheaters and the fact that they get a game and it just runs there are no issues with hardware conflicts etc.
Sorry but I hope that Valve with the Steam Box actually put some proper thought in to things and make something that will allow PC gamers to play games on it, and also attract Consoles gamers across because then we might see the end of the Playstation and Xbox and there stupid narrow minded developers who are more, interested in loading a Game Playing Machine with stupid ass gimmicks.
I mean it comes to something when 3 developers who have the Development Kit's for both the Xbox and Playstation have already said, that they will struggle to get games to run at more than 30fps on the consoles using the current engines that they use, let alone new engines which have more features in them etc.