Yep, and with both consoles using x86+GCN, even with different APIs, the costs will tumble a bit. Considering that basically all dev hardware is PC hardware, it will be more streamlined than ever before.
Also, there is enough extra room in ram/drive space/etc that massive effort to compress/edit/tweak things into the limited resources will be much less of an issue than PS360. PS360 gen was hamstrung by low memory space even for the time.
On PC terms :
PS3 was an exotic high end CPU, high end GPU, and high end RAM, but tragically limited by a tiny amount of memory.
360 was an exotic high end CPU, bleeding edge GPU, and midrange RAM (+ bleeding edge eDRAM), but tragically limited by a tiny amount of memory.
If the PS360 had been given 1GB of dedicated OS/System/Game memory, and 1GB of dedicated high-speed video memory (not interrupted/shared with the general software) they would have been stunningly superior to what they were. 2GB of RAM wasn't unheard of at that time either. It appears that they've learned from that timeframe though, with 8GB today being a fairly high-end number.
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