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It's not too powerful. It's got a low power consumption laptop CPU and a mid range GPU. But yeah those 8GB of GDDR5 RAM is sure nice and within a fixed console architercture with lowish overheads (compared to PC) and a 30fps frame rate limit for most games will give us beautiful looking games.

But being too powerful isn't an issue in any way what's so ever. What is a potential issue is price, availability, ease of programming, third party support, excluisves, marketing, public relations...seems like Sony has all those areas covered considering it's x86 based.