I think its funny that everyone is harping about specs. As a MS fan, I will say, yes, the PS4 is going to be more powerful. Is it going to make much of a difference, no! with 3rd party games, they always code for the lowest common denominator. Meaning that for 3rd party titles in the current generation the PS3 games looked the same as the xbox 360 games even though spec wise the ps3 blew the xbox 360 out of the water in terms of specs. Actually most of the xbox 360 games looked/played better because it was easier to code for. Now the interesting part: This is why PC games often don't look as good as they should. A lot of time, companies won't scale up the graphics or they'll lock the framerate for PC games at 30fps anyways. The only time you will see a difference in the graphics will be in first party games and even that won't be evident until like 5 years down the road and even then, the PS4 exclusive games will look only slightly better. Also, I trust MS to make a much better OS for the Xbone than the ps4 as I hated the ps3 os with a passion. Nothing bothers me more than an OS that forces you to watch something download(PS3) vs downloading in the background as you play a game(xbox360).
That's why I don't understand peoples' insistence on one consoles hardware over the other. If you're so concerned with hardware, go buy a PC, case in point, my GPU that I already have is more powerful than both consoles, so if you're really going to harp on specs build/buy a PC!