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I cant see cloud processing being a big feature or many developers using it.
in the event that it does become a revolutionary and profitable feature, whats stopping Sony from buying servers to serve the same purpose, or even improve on what microsoft have already done?
Likewise, whats stopping Sony from releasing an update that overclocks PS4's to 1.75GHz?

I can already guarantee you that they will make more RAM available for developers. I dont believe for a second that the PS4 will need 3GB of RAM. They are just playing it safe so they dont end up short from RAM for OS features like they did with the PS3 (even the ps3 freed up some RAM later on).

Also, dont forget the PS4 has an extra chip too to handle background downloads and some other stuff.

Third party games will probably be equal for the sake of developers not bothering to optimise, but in terms of exclusives I cant see XB1 coming near PS4 when the big games start showing up 2 years down the line.