The main problem with the WiiU hardware was Nintendo's unwise decision to stick with the ancient Wii core-architecture since they overestimated the importance of backward compatibility.
If they decided to go for an x86 SoC (like Sony and MS did) they could have released a much more powerfull console for a lower price and still make profit with it.
As for comparisons with PS3 and 360, the WiiU is more powerfull in terms of graphics, since it has a better GPU with more modern instructions , also it has a larger RAM. This means it can aim for higher resolution textures and higher internal resolution. On the other hand the CPU is weaker, so it can run less complex logic, physics and AI.
In real world performance I believe it can easily beat PS3 and 360 in games with 'closed enviroments' like arcade racers, arcade shooters, fighting games, platform games. For games with 'open enviroments' it's debatable since on one hand the WiiU has an advantage in terms of RAM and GPU (so on paper it can aim for more detail and longer draw distances) while the weaker CPU can be a bottleneck in more complex interaction situations (this is blatantly evident in Breath Of The Wild).
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