Crazy hype for console performance has been around forever. Sony claimed the PS2 would give you Pixar-quality images in real time, the PS3 was touted as the greatest revolution in gaming ever with its exotic processor, etc.
The PS3 and PS4 both launched with the graphical performance of a $200-at-the-time graphics card (7900 GT/Radeon 7870); at best we're talking a bump to a lower-high-end class of GPU (x070) if there is a substantial price bump as well. At this point consoles and PC's share the same engines, the same API's, and the same microarchitectures, so there's no magic; at best, consoles get a small boost from having an all-GDDR based memory design.
The PS3 and PS4 both launched with the graphical performance of a $200-at-the-time graphics card (7900 GT/Radeon 7870); at best we're talking a bump to a lower-high-end class of GPU (x070) if there is a substantial price bump as well. At this point consoles and PC's share the same engines, the same API's, and the same microarchitectures, so there's no magic; at best, consoles get a small boost from having an all-GDDR based memory design.