Both machines seem quite capable, although there is no doubt in my mind that Microsoft will win the graphics race (past empahsis on GPU centric machines, the heavy customization involved this time.... Not by a huge margin though!
You are approaching this in the complete wrong way. Both consoles are designed with different goals in mind. One will have faster frame rates, better texture streaming, and the ability to push more polygons. The other will offer more texture variety in static scenes (Heavy Rain), higher resolution textures, and better detail.
If the rumored specs turn out to be 100% on the money, the machines will have advantages for different genre's and exclusives will look more exceptional than they already do this generation. Third parties might have porting headaches, but all things considered, it will be a wash.
Why the sudden change of heart? A few weeks ago you even thought that 2.2+ TFlops are possible and now you "know" that it won't be more than 1.84 TFlops? The same goes for Proelite - on one hand posting the "weak" specs and in a B3D thread he posts that 8 times the performance of a PS3 is a conservative estimate. Makes the
discussion and credibility rather difficult.
In the next month or two, more leaks will come. Right now this is what I know, and there is a reason quite a few are emphasizing the above said specs.
So you claim to know the (january) devkit hardware or at least know someone who does? Instead of talking about rather useless Flop numbers we could talk about if the APU will feature GCN 2.0, if it is a mobile version of a card, if it is Steamroller/Jaguar, if there is BC and so on. Especially if there are no custom parts, no delay for Steamroller/HD8xxx series why is there such a long hold up? Why are there worries for a 2014 release and why does Aegies only hears that Sony is quiet and doesn't know the "direction"...
Aegies, I honestly believe, knows absolutely nothing. Sony has not been as quiet as you would believe. We've had more leaks, and one leak with almost the exact specs of the Orbis. Sony being behind could allude to Steamroller being delayed, the GDDR5 headaches, and design decision on how much RAM to include. Microsoft does not dick around with schedules, especially in the Balmer era. You can damn well bet they will launch on time and in fashion.