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Objectively: Not really. Spec-wise, PS360 to PS4 jump is around same or even bigger than Xbox to Xbox360, though CPUs are pretty weak.

Subjectively: Yes. 7th gen was way too long and for the same perceived jump as 4 year Xbox-Xbox360 cycle, PS4 needed 7950-7970 level GPU (instead of 7850)

Honestly, it was quite expected (several people here, myself included, guessed pretty well PS4's GPU and RAM, though, IIRC, we all missed on CPU) - Sony was not going all in with crazy specs, and MS tied their hands with Kinect (yet, I missed One's specs completely by 2x, actually expecting 2.5TFLOPS GPU, or fully operational 7870 @1GHz).

At the end, let's wait and see exclusive heavy-hitters before jumping to conclusion.