Is the Wii U less powerful than a seventh generation console?

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What disturbs me even more is that the Wii U isn't even powerful enough to run Gamecube games; I tried Rogue Squadron II, a game from 2001, on it the other day and it couldn't even load the title screen on the disc player menu. Rogue Squadron II is clearly too complex a game for the Wii U's feeble CPU.