I know, 4 gb 1333mhz ram could be acceptable, 400W PSU and smaller HDD and put the money on better GPU or CPU, but I wanted to stay similar to next gen consoles as much as possible.

My computer has about the same teraflops for its GPU and also an i7, yet no game works those parts to their potential. Console optimizations really do allow 4BONE to hit above their weight class. Add in that they have better RAM and yes, both PS4 and XBONE will have better graphics right at launch.

That's a pretty good system but you need more and faster VRAM to be able to beat the PS4 in certain workloads. Whats also worrying is if games are also going to be using AMD APU accelerated physics massively therefore a tight integration between the cpu and gpu is better in the PS4's case. if I were you I would switch the cpu with the intel core i5-4670K and the gpu with an AMD radeon hd 7970 to absolutely kill the PS4.

Edit:PS4's pixel fillrate is a total beast matching the 7950.

Thanks for the reply, I think the secret sauce for4Bone is going to be the integration on the hardware department, but hopefully similar architecture between current PCs and next gen machines its not going to blow this build out of the water. Saddly an i5 4670k or 3570k and a HD 7970 will put this PC on the 900 to 1000$ range, which is the sweet spot for a high range PC.

Optimizations can only get you so far.

The only part I can see doing better console wise is the better use of the CPU cores, as its not running as much in the background.

What about the cost of the OS? Add another $100. The hardware between PC/consoles can't be compared directly with each other either. Consoles are optimised for gaming, they aren't standard CPU's, there's extra buss lines, there's no separate video card so no PCI buss to deal with, etc. We'll have to wait and see how much better the consoles will perform. Disclosure: I have a gaming/media PC with a $400 video card connected to a 50" 3d plasma, and a PS3.

If I were you I would switch the cpu with an AMD kaveri based architecure. 

Still missing
- Shipping costs
- OS
- KB + Mouse
- HDMI cable

Anyway you're proving the point that consoles at launch are very much worth their price point. No hassle, neat little box under the tv ready to go for the next 6 to 10 years. On par or better then what you can buy for the same money in components.

Other disadvantages of PC:
- Can't trade in games
- Games not optimized for a default controller
- Games not optimized for tv (small fonts, overscan area used)
- Even less focus on local multiplayer / splitscreen
- Need plenty of bandwidth to play the big releases

It's nice to have both though. PC for indies, console for blockbusters suits me best. (damn bandwidth cap, still have Dead space 3 and Crysis 2 to download from the Origin bundle)

I would be clueless on how to make a PC.

Thanks for the replies, suggestions have been added.