For this holiday season there's virtually nothing Sony or Microsoft can do except aggressively cut the price of their existing consoles to take more of the budget market. The price of WiiU for a new console is quite competitive, even against the current gen.
When 2013 comes about they'll need to market the hell out of the new consoles and have some incredible launch exclusives to boot. If they're significantly more powerful then they may be able to convince 3rd-parties to leave WiiU with last gen tech (like they managed with Wii) but I doubt that will happen. Most game engines will be scalable and will likely just run slightly scaled down versions for WiiU. For Sony, they really need to push Gaikai and for MS they need to push whatever streaming solution they have. Streaming and online distribution are likely to grow and they need to position themselves for when it takes off.
Finally, I actually think Sony will be able to release a decent powered system for fairly cheap. They're releasing at least a year later, are unlikely to have a second screen to take away system resources and that tablet controller likely takes up a big chunk of the system cost.
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