While PCs can get far more powerful than the current gen consoles, it's funny hearing about getting gimped PC ports because of the consoles. PCs are more powerful, but I hardly doubt the Ubisoft downgrade is because the consoles couldn't handle it. The consoles probably could handle it, but they probably were running out of time and decided to downgrade it for all three systems to get a more stable framerate on everything.
This is the first year of the consoles launches. Games are going to get better looking in the future. Compare Saints Row to Saints Row the Third, Uncharted to the Last of Us, Crackdown to Infamous 2, and GTA4 to GTA5. As developers get comfortable with the hardware, the games will look better.
The Xbox One ran at almost a stable 30fps and looked almost the same as the PS4 version. So there's no reaason the PS4 shouldn't have also been able to run the old graphics especially when we've been hearing reports that the framerate dip is only 1fps for most people.
