As a side-note I think part of the article I agree with: they should have released PS4/XB1 1-1.5 years earlier or waited 1-1.5 years to launch them in late 2014/early 2015. The timing was all wrong because they knew we would be stuck on 28nm for a while. Also, 99% of developers didn't even start working on 1st party exclusives considering the drought we see on this end 1 year later.
Essentially Sony used a slightly de-tuned version of
HD7970M which has been available all the way back to
May 1, 2012.
The refresh of
HD8970M released on
May 15, 2013 only brought a 50mhz increase in GPU core clock performance wise. That's it.
Shockingly, by
January 7, 2014, AMD just rebadged HD8970M into
M290X. Performance and feature set was identical to HD8970M, which itself was just 6% faster than HD7970M from May 1, 2012.
Essentially, the only thing of benefit waiting an extra 1.5 years from May 1, 2012 was the lower cost of GDDR5 which allowed PS4 to go from 4GB to 8GB. However, in 1 year from the time PS4 launched, we now have M295X which is probably even slower than 970M. However the increase in memory bandwidth from 153GB/sec of 7970M to 176GB/sec was simply a waste of $ and power consumption. Neither the CPU nor the GPU can benefit from so much bandwidth. It's just marketing.
Also,
NotebookCheck claims that R295X has a TDP of 125W, instead of 100W for the 7970M/8970M/290M, which suggests it could have been a problem fitting into today's PS4.
The biggest bottleneck is the CPU though.
Jaguar is still stuck at around 2Ghz for low power applications. AMD has not moved past 28nm. They would have had to fuse one of their FX8000/9000 series CPUs or even 6000 series with M295X. There is no way they would have been able to hit $399 price with those components considering how much more power FX8000/9000/6000 CPUs use.
PS4 in total peaks at 180W.
A single FX6000/8000 series CPU is already near that level or exceeding it.
So no, it was simply not possible to build a much faster console still without Intel CPU or a custom made IBM design. Custom made IBM design was not really an option considering how expensive the Cell was and given how much $ Sony lost on PS3. That leaves us with Core i5/i7 because a Core i3 is not much better than 8 Jaguar cores. Core i5 from Intel is not going to be cheap forcing Sony to go way past $400 MSRP. Therefore, there was little Sony could do to improve the CPU design by 50-100%. Adding a faster GPU wouldn't have helped them solve the CPU bottleneck even now. Going with a much faster AMD CPU and M295X would have blown their power consumption budget and for sure the console would have cost $500-600.
Xbox 1 is now just $350 with 2 games.
The way to solve this is to update consoles every 5 years like it was when I was growing up instead of dragging their lifetime by 7-8 years as was the case with PS3/360. I wouldn't mind at all if PS5 came out in 4 years but they are probably going to milk this generation for another 7-8 years as well. Game development is too costly now and it takes longer to make games. As a result, they need a large userbase to make game development worthwhile. With 7-8 year lifecycles, they can sell games to 70-80 million userbase by the end of the console lifecycle with a ton of profits.