Regarding the alleged 282-352 GFLOPS for the Wii U GPU, this implies that the PS4 GPU is 5.2 to 6.5 times as powerful. I know comparing FLOPS doesn't tell the whole story, but let's humor this comparison for a second. The other way to look at it is that the Wii U GPU has about 15-19% the pixel crunching power as the PS4 GPU. So, a 1080p title on PS4 could
potentially be rendered
more or less equivalently on Wii U at around 744x418 to 837x470, which is a tolerable range for upscaling to 480p:
Sure, not so impressive for display on an HDTV, but suitable for off-TV play on the GamePad. The texture quality reduction due to less RAM is a non-issue as super high quality textures are wasted at sub-480p. The question is whether any developers will actually put in the effort to support off-TV play in this way instead of just downscaling from HD.
Note that PS4 titles that opt for 720p to push more effects would surely need to be significantly toned down on Wii U even at sub-480p resolutions.