So definitely more powerful than current console hardware. The tri-core CPU is apparently capable of 4 threads per core so a full 12 threads. Not sure how useful this will be immediately considering most games currently don't use more than 4 threads which is why a Core i4 2500K is just as good for most games as a hyper-threaded Core i7.
The RAM will be the most important and at 3 times more than current consoles is a definite plus. I do wonder how much RAM the connection with the tablet takes up though. The EDRAM is also a major plus making anti-aliasing effectively free.
The GPU is perhaps the most disappointing as it's 'only' an R7xx which I'm guessing is analogous to a 4850. Still much better than the GPUs in the PS3 and 360, but a bit dated.