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1. They do need to be much more powerful if you want 1080p60.
Last gen went from 480p60 to 720p30. Going to 1080p60 is a bigger step.

2. Halo 4 has about zero interactivity with the terrain and mostly small groups of enemies to fight at a time. All the big exciting stuff happens in the backdrops. Not a good example of being good enough.

3. If today's game budgets can produce the 1080p and even 2160p pc graphics that are good enough for next gen, then why the need for bigger budgets.

4. On the flip side of cheaper consoles with bundled gimmicks is a shorter lifespan. The Wii has pretty much been abandoned for over a year already. Consoles that only last 5 years are going to be even more disruptive then a higher initial cost.