http://www.linkedin.com/today/post/article/20130522214715-10904058-the-technology-behind-xbox-one
Both the Xbox One and PlayStation 4 have adopted electronics and an integrated systems-on-a -chip (soc) architecture that unleashes magnitudes more compute and graphics power than the current generation of consoles. These architectures are a generation ahead of the highest end PC on the market and their unique design of the hardware, the underlying operating system and the live service layer create one of the most compelling platforms to reimagine game mechanics.
Our benchmarks on just the video and audio performance are 8-10 times superior to the current gen. The compute capabilities of these platforms and the data transfer speeds we can now bank on, essentially removes any notion of rationing of systems resources for our game engines