I think horsepower is irrelevant to the quality of the game. Skyrim, Far Cry 3, Borderlands 1 and 2, Halo 4 were all last gen games. They all have things in them far beyond what is going on in Destiny. I'd happily take Ubisofts run around and collect shit and do little tasks design than travel over the same terrain only to shot the same enemies over again.
That's probably the most damning thing that could be said about Destiny.