In terms of raw numbers it's more powerful, and several developers have stated that there is a gap. But many have also stated (quite logically) that the difference isn't as big as the net makes it out to be. Especially with early launch window titles that won't take full advantage of either platform anyway. Then there's the issue of multiplatform games having to work well on both consoles, and the push towards indie games--most of which aren't exactly gunning for Crysis or Metro level visuals. Thus the vast majority of both consoles' libraries will likely look and run the same anyway.
As excited as I am about the PS4, the whole GPU gap issue is the worst example of fanboy preening surrounding it. I want one myself and I'm getting sick of the constant circlejerks over minor tech minutiae.
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