Theoretically sure, but I bet we'll be hard pressed to find any PC games that take real advantage of the new API for quite awhile. Thats what the bottom line is, not the potential of the hardware but the actual games that get produced on the platform. And with PCs thats always a clock that runs a little slow. It took nearly 2 years before DX9 cards actually had their muscle flexed and Far Cry is still quite modern today among it's peers, well over a year later. There's always going to be the lowest common denominator with PC development, you just cant get around it. Whereas the closed box of consoles gets tapped through its cycle in ways state of the art GPUs never can. It was well into the 3rd generation of Xbox games before DX9 finally got exploited and PC games actually started looking significantly more complex (not accounting for image quality).
Meanwhile these latest consoles will have considerable CPU-GPU bandwith to go along with a paradigm shift in applied CPU power, as well as a relatively sizable amount of memory to last on. Outside of image quality I dont see the Console to PC gap widening for at least a couple generations after the PS3 launch, and it could be even longer depending on what some of the new hardware designs bring to the closed box environment.