Firstly, there's the price/value of the systems themselves that accounts for much of the discrepancy. As far as why specs aren't an issue for handhelds, it's fundamentally an issue of people not looking for a powerful gaming experience on a handheld.
Quite simply, handheld gaming will never be on the graphical "cutting edge" compared to the rest of the industry, so the people who care most about being on the "cutting edge" likely focus that impulse elsewhere.
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