PS4 is using a CPU that inferior to midrange Phenom series CPU from 2008 and a GPU that was midrange 2 years ago.......... (1080p 60FPS with that hardware is going to require quite a few settings turned down/off).
AMD's Mantle and BF4 have shown us just how little importance CPUs are overall for gaming. With just Mantle, PC games with decent GPU's and weak CPU's are seeing 30%-40% framerate improvements. I think the CPU's in the One and PS4 are quite sufficient for gaming given the to-the-metal coding. Consoles don't need i5's and i7's, and suggesting so is something of a misunderstanding of modern GPU capabilities and demands of most games.
The whole point of mantle is lower the overhead of cpu communicating to the gpu freeing up cpu resources and allowing the cpu feed the data to the gpu better. Which is why intel based systems with AMD gpu's seen little to no difference because those cpu's have the processing power to feed the gpu's already. CPU's are important in what your you are doing and when it comes to games requiring alot of non gpu based workloads with things like physics and many AI or NPC's we will see these console cpu's choke as they do in BF4 already. Also to point out that the consoles only have 6 cores usable for games and the architecture for them are weaker then cpu's from 6 year ago let alone their low clockrates.