You are absolutely correct. Unless something drastic changes the graphical prowess of the PS4 is going to be about equivalent to what was considered an entry level gaming card in mid 2012. By actual release PC's will have cards available that are easily 50% more powerful in just raw processing power.
What i am pleased about is that they are finally moving to DX10 capable hardware. There are so SO many things about DX10/11 that crap all over DX9 in image quality, post processing, etc etc.
I love all the people who say "oh as long as it does 60fps at 1080p" than thats all that matters? I can load up Quake 3 at 1080p and it will run 300fps, but its old as hell and it shows.
Now, if it was capable of doing 1080p at 60fps with graphic quality deliverable by the Frostbite 2 engine at max settings, then i'd be happy with it. Unfortunately the hardware provided will have difficulty doing that.
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