No doubt the ps4 and 720 will have significantly more power but it won't actually amount to that much. Not a gigantic generational leap like we've seen in the past. The power will mostly be gobbled up by 1080p and 60 fps locked.
Here's what John Carmack had to say.
"Any creative vision that a designer could come up with, we can do a pretty good job representing on current generation and certainly on PC. In many ways I am not all that excited about the next generation. It will let us do everything we want to do now, with the knobs turned up. If you take a current game like Halo which is a 30 hertz game at 720p; if you run that at 1080p, 60 frames with high dynamic frame buffers, all of a sudden you've sucked up all the power you have in the next-generation. It will be what we already have, but a lot better."
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