Same was PS2 games were ported to the original X-Box. The original X-Box was about 4x as powerful as the PS2 (21 GFLOPS compared to 6.2), but GTA still got ported to the X-Box.
Still power isn't everything, Gamecube X-Box and PS2 all had their own games, and it will be much the same this gen. I bet the Japanese gamers will jump onto the easier to develop, Wii U, and sell to their niche market, with most JRPG's getting localized. PS4 and NextBox will mainly be fighting for America's/Europe "core" audience, while the Wii U will cater to the less addicted gamer, and a smaller group of core gamers.
I bet a very similar situation to the 7th gen will occur, except Nintendo will be better comparitivly then Sony in Japan, MS will probably do better comparitivly in Americas, and PS4 will do better compared to the competition in Europe.
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