It's a given it will have better hardware than the Wii U, so the question really being asked is whether it matters if the Xbox 3.0 has better specs than the PS4.
Given than it's another obvious probability that there won't be PS3 BC due to the differences in architecture (CBE to PPC), the PS4 won't have those carry over early adopters and will have to sell based upon the strength of the initial PS4 titles alone (although I'm sure there will be plenty of older PSN titles available to pad the catalog).
As someone who spent the majority of my initial months with the PS3 playing PS2 games in "enhanced" mode due to the general lack of quality titles in early 2007, it could make a difference to some although I imagine the typical PS4 owner would end up buying a bunch of mediocre PS4 launch titles as is typical for early adopters on virtually any new platform.
Price will matter more for the first year since it's generally not until the second wave of software titles (approaching year 2) that new hardware begins to show its advantages. So unless the PS4 and Xbox 3 are priced the same, whatever gap that exists in capabilities won't matter much to fans of either platform when it comes to choosing one to buy over the other.
Personally, if the PS4 was priced $100 less (I don't see this happening), I'd be more apt to buy, regardless of specs since they'll be playing the same games anyway minus a small handful of MS Studio exclusives.
Now if the PS4 had mediocre hardware paired with a mediocre catalog of SCE produced exclusives and relied almost exclusively upon hot third party titles to fill out the game catalog, then I'd have a serious problem with the PS4 and probably wouldn't buy one until at least the second year if at all.
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