The difference between the GPUs of the two consoles might suggest a 50% gap in performance, but in reality it is larger than that. Xbone GPU is starved in ROPS which is a crucial component for higher resolutions. DDR3 is also a huge bottleneck in bandwidth, and ESRAM can't solve the problem because 32MBs simply aren't enough.
To give some perspective into how important memory bandwidth is, take a look at benchmarks between DDR3 and GDDR5 versions of the same budget graphics card, the HD6670.
These are 2 versions of the same budget GPU. The only difference is in memory, yet performance takes a big hit in the DDR3 version.
The PS4 has more GPU and more memory bandwidth at the same time. That explains why it can render more than twice the pixels(720p vs 1080p) with more assets(Ambient Occlusion) and at a higher frame rate than the Xbone. That's more like a ~100% difference.
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