Damn I know nothing about pc specs but if what you're saying is true, that the next gen consoles will be pc graphics that are comparable to pc games from a year ago then I will be happy with that. Thinking back at games like Battlefield 3. It will be awesome and I don't doubt that they can actually even exceed pc graphics from a year ago, although this might mainly be done with first party publishers.

My body is ready for my idea of what a next gen console is. Bring on the PS4 and 720! 2013 cant come any sooner!

Actually isn't their GTA 5 and The Last of Us for April and May?

Is that 200W limit due to form factor or components used?
Really sucks that PC games get capped to what consoles can do. Other then Metro and one or two other games, nothing really is pushing my GTX 560 Ti whatsoever which just feels like graphics have stagnated. 

By midrange are you talking GTX 460 or GTS 450? I think the latter sounds about right, but the former would give nice results. Although i do wonder how they will cope with UE4 as they were asking for Keplar.

Form factor, because more power disspation would require better cooling, more space, more QA, and higher failure rates. That limits the clock speeds, and the cost limits the actual choice of components.

460, 450 kind of area I would guess. I don't have specifics to narrow it down; I say midrange only to mean not a full GTX 680. Think what you can build for $600 today and that's probably about right (because MS and Sony will have economies of scale to get that to $300-$400).

UE4 is meant to work on anything from phones to $2000 PCs. They probably only said Kepler because they're paid by Nvidia, that happens for a lot of games.

Be careful where you say that - i was banned from IGN for pointing that fact to do with form factor out...Was what I thought though as it makes total sense. 

Yeah UE4 is meant to be very scalable, though if the steam box is anything decent it'd be nice to see devs making the most of the gpu's out there more often then in the past few years.

I wouldn't be surprised if they are pumping up the rumors and holding back announcements just to kill the hype for the Wii U. I get the feeling that Sony and Microsoft are doing everything but actually stating a new system is coming because it isn't coming, but if they make it look like it is, it hurts the Wii U.

Personally I wouldn't be surprised if microsoft drops out this gen. There have been multiple rumors that one of the big three will drop out this next gen. Also look at the developers they've lost or split from... Bungie?!?! Peter Molyneux?!?! Those are big names, why on earth would microsoft let either of them go. Most console developers try and steadily increase their holdings. Not let go of their best developers.

Not really sure about any of it of course, I just think that things are still in the air.

Also I really hope that if they do launch a console, its not old tech like the ps360.... They didn't even have basic motion controls until halfway into the generation then developers just tacked on motion controls to all their games without basing any of them around it. It was really disappointing. My PS3 and 360 are still gathering dust.

GTA five is in spring quarter and Last of us is in May. Plenty of time for the new consoles to launch. This is what I've been telling people forever.

Microsoft wont drop out unless they are legitimately beaten and lose money on their product. 

MS dropping out of a profitable division?? I dont think so.