The more I think about it, the more this system is a step backwards in hardware. The only thing that can save it is some really solid exclusive titles, otherwise it has such a limited collection of games that I'm interested in I will probably not even buy one. I just bought an Intel i7-980X with a GTX 680 and a Solid State Drive with 555 Mb/s Read/Write. From a hardware standpoint, this PS4 is just ugly. AMD and ATI graphics? Major fail there. And the system will be chugging behind even last year's computers. It's too bad that game developers weren't ready for the super-advanced cell-processing architecture of the PS3, now we are going to have to settle with just another cheap PC with a logo on it...SKaREO
Major fail is you. The chip size for Intel i7-980X is quite large i.e. 239 mm^ while Radeon HD 7870's chip size is 212 mm^2.
AMD Jaguar core size is 3.1 mm^2 + 2.1 mm^2 for L2 cache i.e. total size of ~41.6 mm^2.
The reason why Intel i7-980X's large chip size is due to slower DDR3 memory i.e. larger on-board cache. Fast GDDR5 memory reduces the need for large chip size.
On Geforce GTX 680 issue...
The breakdown on GPU strengths
Non-Microsoft Direct3D GPGPU face-off: K20 vs 7970 vs GTX680 vs M2050 vs GTX580 from http://wili.cc/blog/gpgpu-faceoff.html
K20 = GK110
There's very difference between NVIDIA's OpenCL and CUDA.
PS, Sony PS4 would not be using Microsoft's Direct3D stack.
App 1. Digital Hydraulics code is all about basic floating point arithmetics, both algebraic and transcendental. No dynamic branching, very little memory traffic.
App 2. Ambient Occlusion code is a very mixed load of floating point and integer arithmetics, dynamic branching, texture sampling and memory access. Despite the memory traffic, this is a very compute intensive kernel.
App 3. Running Sum code, in contrast to the above, is memory intensive. It shuffles data through at a high rate, not doing much calculations on it. It relies heavily on the on-chip L1 cache, though, so it's not a raw memory bandwidth test.
App 4. Geometry Sampling code is texture sampling intensive. It sweeps through geometry data in "waves", and stresses samplers, texture caches, and memory equally. It also has a high register usage and thus low occupancy.
Dirt Showdown's results mirrors "App 2" results.
The new specs for the PS4 seems to turn the playstation into a PC, except for the special memory thats runs much faster than a typical PC. The PS3 was based on IBM's Cell processor, that was hailed at it's debut, but turned out to be a problematic to program and hotter than an oven. The PS4 changes all that with X86 technology that most game developers like to work with and is a standard in the PC gaming community. 
Every part of the playstation has been upgraded to be up to 16 times faster. Connectivity with iPhones/iPads/androids and sharing has been added, an extra CPU is included to do downloads and other tasks at the same time your playing a game, in fact you can start to download a game and begin to play it before it's entirely downloaded. Other possibilities are picture in picture and previewing an opponent's "best of" video clips before the match begins. Playing the PS4 at work through your smartphone by controller and video streaming? 
The controller has much more sensors and feedback controls than you can shake a stick at. To me it looks like the touch pad is in an awkward place, you'll probably swipe it to pull a pin on a grenade and so forth. There's a share button (something I would never touch) and the options button does double duty for pausing and starting. A mono headset comes bundled, so everyone will have a mic, stereo headsets will be available. You'll be able to recharge the controller with any usb charger, and the multi-colored light bar helps the camera or 3D positioning as well as indicating to the gamer their health is low by flashing red. The button and trigger quality has been improved. So why buy a PS4 when it's basically a low priced PC, why not just buy a PC? I'll have to wait and see more of the PS4 can do, before thinking of buying a $1500 PC. It'll be interesting to see a comparison of the new Xbox when specs are released. 
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