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I agree with the OP.

The 360 and PS3 boasted expensive GPU's and ditto CPU's whereas the PS4 and XBox One have got ultra-low power mobile cpu's and a mid range graphics card.
When the 360 and PS3 released they were capable of matching High-end PC's in performance. Now though, the PS4 and XBone are already behind current High-end PC's in performance. Even in tech-demo's like the one we saw of UE 4.

The upside though is that instead of 599,- we only have to pay 399,- for a playstation. That difference has to come from somewhere.