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Miyamotoo said:

 About GPU, its not just about power, Wii U GPU is several generations newer GPU than Xbox360/PS3 and that "allows many things that were not possible on PS3/Xbox360 consoles".

Regarding the more modern feature set, I remember Black Forest Games talking about how Wii U's GPU, Latte, has DX11 level features like geometry shaders. Also, it's a GPGPU, and having access to 32MB of Embedded DRAM (that's over three times more than 360) would be a big help. Shin'en in particular talked a lot about how useful the eDRAM to pushing graphics in their games.

It may not be a big leap over PS3/360, but it's definitely more capable.