On paper it's around 3 times more powerful than the 360 - 3MB CPU cache compared to 1MB CPU cache, a modern architecture for the CPU, 4 times as much RAM, slightly more than 3 times more eDRAM on the GPU (32MB compared to 10MB) which also has the advantage of being on-die, a GPU that has a DX11 equivalent feature set rather than the DX9 feature set that Xenos has.
In real-world performance it should be around 4 times more powerful given that the CPU doesn't have to deal with sound and IO thanks to having dedicated silicon to do the job as well as the CPU having Out-Of-Order Execution, which means less wasted clock cycles and more effeciency.
We'll probably see the PS4 and 720 being 2-3x more powerful than the U, meaning we'll have the 8th gen being similar to the 6th gen with all 3 consoles being in the same sort of ballpark in terms of power.
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