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Wh1pL4shL1ve_007 said:
AMD Radeon R700 HD GPU

released 2008

One important thing to note about the GPU is that it's a highly customized R700, so the performance as used in the WiiU will likely be quite a bit better than the off-the-shelf unit.

To put things in perspective, the CPU is rumored to be a POWER7, which was released in 2010, and I would guess that the GPU's performance will come relatively close to 2010 performance as well; still not cutting-edge, but certainly enough to outperform the PS360.