The only 4K ability the next generation of consoles will have is upscaling. But considering that all 4k (QuadHD) TVs will have upscaling hardware built in, it's really an unnecessary additional expense. It doesn't help anyone that won't own a 4K display, and offers a redundant feature for those that will. Regardless, I foresee the next Xbox having a 4K output option just like the 360 can output at all lower resolutions. If they did that, I wouldn't mind seeing other resolutions in between HD and 4K (1600p, in the least). That would benefit people with super hi-res PC monitors and be more interesting to that crowd.
I do, however, have zero problems with a native resolution higher than 1080p for a few years down the road when 4K technology is affordable. This may only apply to sidescrollers (e.g. Rayman Origins/Legends) and a select few others. But seeing as console generations are getting longer and longer, this will only be a good thing for the longevity of the hardware. If the next Xbox or Playstation go 10 years before their successor, then 4K will be big on the market less than half way through their lifecycle.
Even if some games' native resolutions are higher than HD, yet lower than 4K, it's still a huge advantage over the competition that is currently using native 720p for most games. I can't imagine something so powerful would be very affordable, but maybe Microsoft can do it. We'll just have to wait and see.