Just to make clear how "equal" the R700 is to the HD console's GPUs:
In Call of Duty 4, the R700 is able to support a resolution 2.5 times what the HD console's GPUs at (roughly) twice the frame-rate with higher detailed models and textures without any modifications or developers spending any time optimizing their game specifically for it.
Or, in other words, without considering any modifications or optimizations Nintendo could easily produce a system with 4 to 5 times the performance of the HD consoles; and (in the 3 years ATi and Nintendo could have been working on it) it is likely that modifications to increase efficiency and/or performance could have boosted real-world performace by 50% to 100%.
Now, I wouldn't say that something that is (likely) 5 to 10 times the power of the HD consoles is roughly as powerful as the HD consoles.
