I agree that consoles have mostly catched up with PCs this gen, compare how PC and console games differed back in the 90's and now, the difference on graphics was absolutely massive,
Also, Epic has been pushing for a long time for a very strong next gen probably because they want costs to be so high most developers can't help but renting the UE4. See their predictions for new consoles in 2009,back in 2005, with CPUs of 1 TFLOPS and 60-80 threads, lol, not even Kurzweil is that insane, really.
Anyways AMD and other CPU makers already predicted in their roadmaps that semiconductor process shrinking is going to slow down to some three years for each new process starting 2013, although Moore's law should last a little longer due to optimization and such. Still a good opportunity to make consoles last even longer than this gen's 7 years or so.
So in the end consoles next gen will be noticeably more powerful, but anyone expecting MS of Sony to fit zettaflop photonic processors inside the PS4/Durango to please Epic and their bunch are cuckoo.
