Not true, bare metal programming allows for higher FLOP counts which consoles get the benefit of, this is untrue of PC games due to the overhead of Direct X / Open GL.
Sure, but those "bare metal" optimizations should be the same for every console generation. The graph works because EVERY generation of consoles get optimizations (not just the PS4 and Xbone) so their relative position to PCs of that time IS comparable.
What that graph shows more than anything is that this generation of consoles is the weakest one in recent history compared to the PC hardware of that time. When the Xbox 1 came out you couldn't buy a GPU that good. When the Xbox 360 came out we couldn't buy GPUs with universal shaders like that (with that level of power) for almost a year after release. The 360 was a leap beyond ANYTHING PCs could do. Meanwhile the PS4 (the strongest current console) had a GPU you COULD pretty much buy at release (basically a 7850 or 7870) but more importantly it was less powerful than GPUs that were on the market at the time of release (namely the 7970). We have never seen that happen in the recent history of consoles.
It doesn't matter that maybe, just maybe, thanks to optimizations that PS4 GPU can match the 7970. What matters is that when you look at the history of GPUs and consoles the STANDARD is for consoles to be better than anything on PCs at release until this generation. That holds back the entire gaming industry, because instead of the consoles setting a new high water mark for everyone we instead got midrange console parts that you could blow away with a highend PC built the exact day the PS4 was released. Optimizations in the past were a way for consoles to keep any advantage over PCs longer, while with this generation the optimizations are the ONLY HOPE for that advantage day 1. It is a huge difference.
I don't care how well the consoles can be optimized, it doesn't turn a 7870 into a Titan. The xbox 360 and Ps3 generation lasted so long partially because they had such a head start on the PC market (moreso for the 360), while this generation the consoles are an anchor around the neck of the PC market. I get why they are what they are- MS and Sony didn't want to take a massive losses per unit this generation like in the past. The Gillette model for console economics is obviously breaking down, and we are all worse off because of it.
It is what it is, which is we are facing the weakest consoles relatively in the entire history of gaming (since Atari at least). What makes it even worse in my opinion is that the console market has moved away from the exclusives model of the Ps1/2 era to a model where almost every game gets ported to at least one other platform. That means that we can't even rely on the concept that PCs are only held back by the PS4, they are held back by the Xbox One from now until MS calls it quits. MS made a decision to prioritize Kinect over console power which made the Xbox One the weakest relative console of all time.
We haven't even fully seen what the effect of this will be, because as of now many AAA games (like GTA V or MGS V) are ported all the way back to the last gen consoles which REALLY holds back every other platform. I have hope that maybe, just maybe, developers can find a way to put out top shelf PC games without being held back by the consoles. When a game like Ryse can be exclusive to the weakest console, but then as a port look like one of the most visually appealing PC games ever, it should all give us hope. Console optimizations are not the answer, developers putting in the work to give us good PC ports is the answer.