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There most certainly is such a thing as a console designed from the ground up to be a 720p machine. The 32MB eDRAM and 2MB SRAM on die for Latte are exactly the right size for a 720p native frame buffer.

You really need to check out the Latte thread on Gaf.

A game for the PS4 and 720 that's 1080p native will need only half the processing power when ported to the Wii U in 720p native. And that's before you take less AA, less impressive lighting, less impressive particle effects, more pop-in, less draw distance and longer loading times into account.

Some of you seem to be convinced that we're going to have another Wii/PS3/360 situation this gen when this is simply not the case. The hardware currently doesn't exist to make this possible for a console yet unless you want a console the size of a small house, with a fan over 100Db that's going to cost over a grand lol.

If a console has a big enough installed userbase publishers will always have developers coding for the lowest common denominator. The only thing stopping that last gen with the Wii was that the console had a nonstandard rendering pipeline.