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Johnw1104 said:

I read that the gpu was comparable to a 970 and for some reason mixed that up with the recent 1070. This seems more realistic now, though isn't that on the low end for 4k resolution? That's barebones minimum recommended specs for the Oculus.

Yes  but consoles also are know to fight above their weight class.

If they were to put  a 36CU Polaris GPU in the Neo/Scorpio and downclock them to say 1GHz, you will be able to eek out more performance form that than you would get with the same GPU in a PC clocked at 1.2Ghz. This is just an example though, but mostly holds true. 

Another thing is that engines are usually better optimized on consoles than their PC counterparts, kimda a must if you want your game to run on consoles while on PC they can just exoect the end user to throw more powah at the task.