PS4 has "50% more raw power" in graphics than Xbox One, says report

[AnthonyW86]

Just to clarify the difference in gpu power between the Xbox One and PS4 is the exact difference between running a game at 720P(hd-ready) or 1080P(full hd) with the same settings. You can check HD7770 vs HD7850 benchmarks for this(though the difference between Xbox One and PS4 is slightly larger).

So my expectation is that developers will simply lower the resolution for multi-platform titles.