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How can a new console with 4x the RAM ( wii u) be only on par on just above a console seven years older ( x360 )?

RAM isn't the defining factor for a consoles power.  But I agree, it's very unlikely the Wii U will only be just above the 360 and PS3. If we go by the latest rumors the Wii U gpu is gonna be an Evergreen based gpu. Just looking at the architecture alone means the Wii U gpu is gonna be far more efficient than the Xenos or RSX. But if Nintendo wants to keep the Wii U cheap and profitable then it could well be just above the 360 and PS3.

Is Nintendo releasing very outdated technology in regards to the chips in the wii u? Are we going to see a wii situation all over again when Sony and MS eventually launch their beasts, with developers dropping the wii u regardless of the promises they make now, claiming it to be underpowered?

I doubt it. The Wii was based on the same architecture as the GC, only with a smaller fabrication process and a 50% clock speed increase. The Wii U hardware is gonna be based on recently released hardware. Also, the XBox 8 and PS4 won't be expensive consoles so I doubt the hardware of that console will be much faster than the Wii U. 1.5 to 2 times the Wii U? Possibly. More than that would mean they will have to either release their consoles with a much higher price point or make a considerable loss per unit sold. I don't see that happen.