FFS, fanboyism is turning peoples brain to mush. It's not JUST about the amount of memory, it's how it will be utilized. The PS4's GPU can directly share data with the CPU, and in fact can even bypass the CPU cache. If you took a high end GPU and put it into the same on-die configuration with a fast CPU, it would annihilate similar hardware in the traditional CPU/GPU configuration.
Except this debate is stemming form hardware that's several times more powerful, not similar. The fanboyism stems from folks thinking AMD pulled a miracle overnight with the PS4 APU. Yes, the shared memory is an advantage, but how much so? The hype to make it sound so superior is taking worst case scenario from PC's, that being not having enough VRAM and having to access much slower main memory.
In situations like that, yes, I can certainly see a PS4 outperforming hardware that is much more powerful due to that bottleneck. Short of that, this advantage is no nearly as game changing as the hype machine would lead you to believe. Not to mention, that advantage does not apply nearly as well to Titan with 6GB of VRAM. I highly doubt there's going to be a PS4 game that's going to use over 6GB of VRAM and leave the OS and game code with well under 2GB to play with.
CAN it outperform SLI 680's? Yeah, potentially it can if your SLI 680's are 2GB and the game uses more than 2GB of VRAM. Short of that, there's no way it's going to outperform a pair of SLI 680's.
That's what people like a select one or two here don't understand, and the marketing folks responsible for selling this product know this and paint a picture that could potentially exist given best case for PS4 and worst case for higher end PC hardware, and that's why so many of these regurgitated claims are taken out of context by the folk(s) who repeat themselves over and over again.
The question is, what are the developers going to do and when are they going to do it? That's what we don't know. Are they going to crank up the textures and AA to that extent? The end result likely being a 30fps target? I don't know about you, but for me, cranking up eye candy is only beneficial until I start dipping below 45 fps in any game with certain games (racing for example) where I aim for 60 due to the input lag below that.
Is the 8GB never going to be taken advantage of short of a 4k display? How much of it is reserved for the OS? What will happen when Sony undoubtedly releases updates that add features/functionality and quite likely increase idle RAM usage? Are developers going to play it safe with how much memory they use due to this unknown factor? It is a fixed system after all, it's not like you can swap out a video card or add a DIMM.
Those are the questions we really don't have answers to. I for one doubt games will use that much VRAM anytime in the near future that's will render PS4 > a pair of 680's