SDK upgrade does not make the Xbox One more powerful :) So if it takes this into consideration the PS4 is more powerful and nothing will change that. Now the SDK can optimized a lot of things allowing the game to look the same on a lesser powerful hardware.
As far as the cloud, possibilities are infinite actually so I would say that if Microsoft manage to really use the cloud (and they already demonstrated that it is possible) in some games then while console is connected on the internet, the Xbox One may become more powerful as a whole (the console hardware + some cloud processing).







