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A great example of why console specs do no matter would be the WiiU.  On paper, it's clearly more powerful than the PS3 or 360 but so far it has not shone that capability.  Even not you have not seen a game on the WiiU that could not be done on the PS3 or 360.  

As have always been the case, its not the specs but what developers are able to get out of those specs that worth anything.  If the 360 comes out not as powerful as Sony system, than it probably will be on Sony to show the difference with their first party studios.