My guess would be,
low TDP APU
3.6ghz 12 core cpu
Radeon R10 370X GPU / or something roughly around that range
16gb system memory, 4 reserved for OS 12 for vram
hdmi 2.0 / displayport, 1080p/60fps standard but enough beans to do 1080p/60fps in 3d (120ghz), or 120hz mode on bundled/optional vr headset
Same architecture more less but a better memory controller and the inclusion of a 128mb esram bank for effects and postprocessing
no ethernet port only wireless.
full software b/c for ps4 titles.
1TB hdd as standard going up to 3TB for more expensive SKUs
Something extremely similar for the next xbox also, minus the VR stuff where they may branch of into seeking higher resolutions rather than sticking to 1080p performance in 3d and vr / 120hz.
I would not be surprised if either both or just the xbox was cheap hardware but subscription based OS, where you basically need psn+/xbl for the console to function, and/or standard software fare but MS charging for incrimental dashboard updates a-la windows 8.1, old system working find for newer games but retail disks with upgrade license being sold for the consoles themselves.
