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Next Xbox:

Quad Core CPU
4 GB RAM Unified
Custom GPU with full Direct X 11 support
500 GB harddrive
Blu-Ray for movies and a proprietary high capacity disc for games
Kinect 2.0 included

PS4:
Quad Core CPU
4 GB RAM Unified
Custom GPU with the latest Open GL
500 GB harddrive
Blu-Ray
Move included

In my opinion Sony isn't going to try to outgun MS next gen. They spent way too much money on the PS3 and it ended up having no more capabilities than the Xbox 360. They lost too much money and they've learned their lesson. Next gen will be off the shelf and very PC like. The two consoles will play all the same multi-platform games in 1080p native and the real war will be in 1st party exclusives. That's what I think anyway. I can't wait for E3 to see what happens. I just don't see MS and Sony letting Nintendo have a freebie this E3. They are going to want to steal some of that new console thunder even though they won't be on shelves for another year. It's always exciting when a generations is coming to a close and the next starts being revealed.