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Oh there will be a noticeable difference, just as multiplats usually ran better on the 360, they'll now run better on the PS4. Situations like Skyrim on PS3 will now be Xbox one situations.

So things like games running below 1080p, games not hitting 60fps, games having low rez effects or reduced effects, games having little or no Anti-aliasing, all this will be an issue on the Xbox one just as it was on the PS3, except that it will be more pronounced.

Keep in mind that the PS3 and 360 were even enough in power, it just took more effort on the PS3 because it's architecture, so while true that the 360 had a better GPU it's CPU wasn't all that, but PS3 CPU, the CELL, could more than enough compensate for it's weaker GPU. Now with the PS4 and Xbox they are for all intent and purposes running the same CPU and GPU tech from AMD, the key difference is memory setup and it's repercussions, mainly that the xbox one SOC sacrificed 6CU in order to embed ESRAM, dropping it's GPU performance potentially from 1.8TF to just 1.2TF....which is a sizable difference in a closed box like the consoles are.

The Xbox one is now left with a weaker/less capable GPU with no other hardware to compensate for it, but one could argue that maybe the ESRAM, like CELL could some how compensate for the GPU weakness, now this could be true had the ESRAM had some crazy bandwidth like 256GB/s thus enabling free AA....but the reality is the ESRAM only does 102GB/s which is less than the PS4 176GB/s, sure if a developer managed to work enough magic to use both the DDR3 and ESRAM combined bandwidth it'll only be 170GB/s which is still slower than PS4 176GB/s...so which ever game hits a bandwidth limit on the xbox one causing lower frame rates, will simply run better on the PS4.

Suffice to say, If Microsoft had a hardware advantage they would be touting it right now, the fact they have yet to release official specs at all is very telling....in all honesty the only advantage the xbox one currently has is the advanced kinect sensor...it's also the main reason I think why the Xbox one cast $499.

So the motto use to be, wanna play multiplats, get a 360, will now be, wanna play multiplats get a PS4, as for 1st party exclusives, as always get the console you prefer.