I like to know how each console works, more than its specs or raw power
but really didnt know a shit about Mega drive, SNES, N64, PSX, Saturn...hell i only knew few details of GC/PS2/Xbox
My choices are always based on few key elements and, of course, personal experience

The rumors are annoying but its possible to see a trend over the last years.

AMD to be the supplier of the Cpu/Gpu in both systems seems very likely all rumors point this way lately. The x86 architecture will help alot in driving development costs down. And its not like knowing the specs is useless information, because that will help you to extrapolate a few things. Developers will be already ready for next gen Hardware no steep learning curve like in PS2/3. Ports will be alot easier between PC/PS4/Nextbox and Developers will be able to put more time into the actual game.

Also price/size and graphical capabilities are visible on specs. So that rumors go this wild is natural. If you take all reasonable rumors and infos its possible to see a trend.

Nextgen:

Cpu: 4 Strong cores or 8 weak ones. In an APU eventually paired with an additional dedicated GPU 

Gpu: 1-2 Tflops. Integrated in an APU or paired with an Apu.

Ram: 4gb high bandwith or 8gb low bandwith with additional esram to compensate

Bluray (or disc format using a blue ray to read discs)

28nm manufacturing/DX11 features

It gives us a range where next gen will be. The Watt usage would be around 130-180. Combined dies of APU/GPU 300-500mm^2. Price 299-399 without accounting for extra hardware like Tablet controller/3D cameras and stuff that makes your room light up.  

According to all the rumors consoles won't get bigger and hotter than this gen. Infact they will be atleast a little bit lighter and smaller/cooler.

The number of threads in games will not increase. Now its 6 (360) and 8 (PS3) and 4 higher clocked Steamroller or 8 lower clocked Jaguars have also just 4/8 Threads. Which is also a good sign. 

In all configurations the next gen consoles would be multiple times stronger than PS3/360. 

The difference between the real power of the rumored PS4/720 is impossible to say. Based on the rumors its relatively small with strengths and weaknesses for both systems. There need to be very detailed hardware specs and before anyone can say something qualified. Also the strategy MS or Sony take will end up influencing the systems game power.

If a PS4/720 ends up potentially streaming to 4 tabletcontrollers individual videosignals and has a gesture controlled full blown OS running in the background  a good part of the systems power will have to be used for this. Customizations also influence the Hardware alot.

Comparisons between Wii U and PS4/720 are also pointless all that can be said is that at 28nm with modern architecture in a power envelope of 120-180 Watts a PS4/720 has the potential to far surpass a 40nm 35 Watt machine in graphic.

So what we know definetly based on rumors is PS4/720 will not be more expensive than the PS3 and smaller aswell. What we also know is the graphics will be significantly better than what we have seen in the past of console gaming. Now all thats left to see is the balance consoles will find between hardware/software features/price/size/ highend graphics.

You should enjoy the rumors aslong as you can there won't be any for a very long time. The anticipation for a next gen is part of what makes me look forward to it. You will get to know the hard facts soon enough. 

I'm with you buddy, I'm just going to wait for the official announcement.

I stopped taking them serious years ago. But, i still like reading all the comments left by fanboys on some of those sites. Can be quite entertaining!

I agree lest waite for sony amd ms to tell us frist hand enough with the rumors lol

I was tired a long time ago. The most important this gen is not specs (for all consoles may well get the same games), but the price and the innovation in the controller/interface. We shall find out soon.

and the games of course.  I can't wait till E3 when we see first party game trailers.

hype over 9000. i love how nintendo fans say specs don't matter, all of a sudden cause wii u is gonna be at least  9x less powerful then the competion.

Next generation rumors are entertaining! Especially when they are so out of this world it's ridiculous.

What I want is some game announcements. (And rumors, I'm cool with those too.)

The exclusives, of course. Hopefully E3 will shed light on this part of things though!