The XB1 has two problems:
1. Most developers are time constrained. They don't want to spend extra time rewriting their game code for just the XB1's eSRAM architecture, when they are writing it using with more basic, brute-force techniques on the PC, PS4, X360, PS3.
2. Even if a developer takes the extra time to write their code specifically for the XB1's eSRAM architecture, the XB1 GPU is still less powerful than the PS4's GPU - EVEN IF YOU IGNORE THE DDR3/GDDR5 RAM BANDWIDTH VARIANCE- The PS4 has 18 Compute Units (1152 Shader Cores). The XB1 only has 12 Compute Units (768 Shader Cores). The PS4 has more brute-force power than the XB1. You can't overcome that with extra Ram CACHE. Cache doesn't give you more processing power. It just gives you a static memory module to store often-called or pre-called data (texture storage would be a good use for eSRAM). But that doesn't free your GPU up to process at a significantly higher resolution or framerate. Especially not with only 32MB of eSRAM cache.
Using eSRAM effectively requires you to rewrite your game code. Developers don't like that, so they don't do it and they make their game run on the XB1 using brute-force techniques.
Only Microsoft's 1st party, Xbox One exclusive developers will tap eSRAM and even then it won't be comparable to the PS4's brute force processing power.
What Microsoft should focus on is high-detailed textures at 720p upscaled. Texture detail can benefit from eSRAM. Resolution and Framerate can't. So keep the resolution to 720p native and just freaking except it. You CAN have nice looking games at 720p, but only 1st part Xbox One developers will have any incentive to focus on that fact.
TL;DR - it'll be another 1.5 to 2 years before XB1 games compare to TODAY'S PS4 games. But 1.5 to 2 years from now, PS4 games will look even better than the PS4 games look today - because SONY is ALSO constantly upgrading it's drivers and API features in the PS4.
Microsoft CAN'T catch up.
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