What nvidia says is true, with a grain of salt. While the processor in the 720/PS4 is nothing special in PC terms, nor is 8 gig of ram (the I7 laptop I am writing this on outspecs either on the processor side of things). Th GPU in either is good enough, but nowhere near the top end of the nvidia line. Between the two (720/PS4) the PS4 is likely to perform better since it is unencumbered by the windows 8/kinect clock cycle killers. But the real question is why do people think that a console should be PC powerful? A console realistically needs to do 1080p at 30 to 60 fps, and that is the limit of what it needs to do. In PC terms that is not that hard. Your console also only needs to run a limited set of software in comparison, also not that hard.
A console does not need to be a PC, I don't do large scale environmental modelling on a console, that is why I have PCs and processing clusters (I am one of the scientific users that the Kepler/Titan are aimed at, and some of our models can use a rack mount full of them... if we get the budget for it this year).
A game console does not need that kind of power, it has a fairly moderate performance range. Hell even the WiiU can do a good job of 1080p gaming (though the power pc architecture is very decent and gives a lot of bang for your buck) I have been running some of the ports CODBO2 and Ninja Gaiden are after the latest patches running pretty flawlessly on my 1080p tv (no frame rate drops). So while I agree with the power statements, I think that the console market does not need to be as powerful as a lot of people think it does to provide a great experience.
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