I could well see the industry as a whole wanting both PS4 and 720 to be very similar hardware wise.
Developers who had to work on the PS3 version of cross platform games can attest to the troubles they had with it's 'strange architecture'.
Both consoles being very similar hardware wise next generation would be a near perfect world for third parties but could well spell trouble for the weaker Wii U.
Going on the latest leaks / rumors PS4 / 720 both seem to have 4 core AMD Jaguar CPU's, 4 - 8GB's of Ram and 1500 - 1800 teraFLOP GPU's which would make them around 3/4 times more powerful than Wii U, if the Wii U is as powerful as has been rumoured in the WUST's (Slightly slower clocked 360 CPU / 1.5 - 2 GB of Ram / 500 - 600 gigaFLOP GPU).
Rant Incoming
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Seriously Nintendo we are now one day away from August, (3 months from launch) and we have no word on if we are even getting Fifa 13 / Madden 13 / MoH 2 from EA, Blops 2 from Activision, RE6 from Capcom or WWE 13 from THQ (All massive multi platform sellers).
We have no clue about the OS aside from the very kid friendly looking facebook / twitter rip off 'Miiverse', we don't even know if all games support off screen tablet play or what games will be available on the Eshop and if they will be available to play on the Tablet controller.
They are still stopping third parties who are actually taking a chance on the console from talking about it in 'power terms', i can understand them not wanting to talk about tablet features as other companies could steal their ideas but common, where is the harm in letting a third party say 'its powerful hardware, twice as powerful as current gen', ect, makes me really wonder if they are keeping them quiet for a reason regarding the power...
Worst of all is we still don't have a release date or a price which is leading to online stores listing the thing for 400 Euros and guys online guessing at $300.
We also don't know which games are launch day games and which games are 'launch window' games, for all we know ZombiU, Pikmin 3 and P-100 could all be released as late as Feb 2013.
Im really tempted to ignore the console completely for the first year just off the back of the way Nintendo have treated their customers regarding info and not even letting third parties talk about their own games.
So far from the first botched E3 2011 reveal, to the disappointing E3 2012 showing and now the apparent information black out the Wii U is an unmitigated disaster imo.
This September Nintendo Direct will really have to blow me away for me to buy one at launch and i can't see them announcing any big first party games outside of E3
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At this September ND they better announce a price, a release date, launch day games, Eshop games, show off the main OS, announce what games can be played on the Tablet, announce Eshop games new and classics, show the achievement / trophy integration and announce a fair few multi platform games or im not going near the thing until some more of the games we all want are at least announced / shown like Mario EAD, Zelda, Metroid, Starfox, F Zero, Mario Kart, Smash Bros ect.