The Wii U is more powerful than the PS3/360. We aren't supposed to make direct comparisons here, but this is only science - not fanboyism.
The most credible rumour regarding the Wii U's GPU, is that it's based off AMD embedded GPU solution called e6760. Nintendo can modify it to better suit their purpose of a games console.
I think FLOPS (GFLOPS in the table) is a pretty good metric to use, as I've seen the FLOPS of GPUs follow a pretty linear relationship with benchmark scores on the PC side. So even if the GPU was unmodified by AMD, that's 2.4x better performance than the 360's Xenos.
However, it's not just about FLOPS. If the quantity of eDRAM is large enough to hold a 1080P framebuffer, that should improve things significantly.
But,_Telimtor_, your question was about graphics, not specifications. Though it is true that better specifications allow greater potential for graphics - it would be wrong to assume that it always works out like this. Mass Effect 3 for example, is unlikely to look 2.4x better on Wii U compared to either of the HD twins.
Also, it takes time to get the best out of these games consoles. Halo 4 looks miles above and beyond Perfect Dark Zero, they're separated by ~6.9 years but run on the same hardware.
So I guess to summarise, yes - the graphics should be better than PS360, however, this difference will initially be modest, but should grow over time.
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