Power is irrelevant if it's not useable. The Saturn's power was not nearly as useable as the PS1 because the Saturn had two processors: one 2D and one 3D. This negated whatever technical advantage the Saturn might have had over the PS because it was so difficult to actually use that power to create a better looking game than a PS1 counterpart.
Specs don't matter one bit. The proof is in the pudding. SNES games had better graphics than Genesis games. PS1 games had better graphics than Saturn games. PS2 games had better graphics than DC games. In some ways, the PS1 was in fact more powerful than the N64. I know a lot of people who bought a PS1 because of FFVII for its presentation which was unachievable on the N64 because of cartridges.
My Top 5:
Shadow of the Colossus, Metal Gear Solid 3, Shenmue, Skies of Arcadia, Chrono Trigger
My 2 nex-gen systems: PS3 
and Wii 
Prediction Aug '08: We see the PSP2 released fall '09. Graphically, it's basically the same as the current system. UMD drive ditched and replaced by 4-8gb on board flash memory. Other upgrades: 2nd analog nub, touchscreen, blutooth, motion sensor. Design: Flip-style or slider. Size: Think Iphone. Cost: $199. Will be profitable on day 1.
