I've been saying 400 gflops since the beginning much to most people's protesting. It was never going to be 600 gflops with 25.6GB/s memory bandwidth. Honestly it could have been worse.
Cpu power is the same between portable and docked. I havne't worked it out exactly but its 1ghz not 2ghz over 4 cpu's so probably in the region of 20,000 mips give or take a bit. About 2.5-3x wii u power or maybe 30% over xbox 360 due to its superior 64bit architecture.
So you have effectively a last generation console in peformance on the move plus a bit and 2.5x that when docked to create higher quality 1080p visuals on the big screen. I really don't have a problem with this. Cartoon graphics need far less resources than realistic. I don't see anything bad here. Battery life will now be much better. Still capable of VR experiences equivalent to last gen consoles.