Well, I'd say that depends on how Mantle, DirectX 11.3, and DirectX 12 all pan out.
I wouldn't say the PS4 has nearly the same power as a 270X,though. It has a slightly lower amount of functional units, but as Moebius showed, the clock speed difference gives the 270X a 42% theoretical advantage over the PS4.
I think the IQ gap will close, but we can still infer performance thanks to similar architectures all around. It's not like in 2005 where we had fixed pipelined PC GPUs versus a new hardware paradigm in the form of the Xenos and then the next year where we had a Nvidia 7800 derivative that would end up having to rely on it's CPU to make up for it's deficiencies versus the Xenos and upcoming PC unified shader GPUs.
The 42% higher throughput in GFLOPS is a pretty big advantage. The optimizations I speak of will allow for better overall IQ but at the cost of some other forms of eye candy. Developers are good at using custom LODs in console games. However, I predict this generation will be "as bad" as the last when it comes to platform parity. Any PC enhancements will be even harder to notice outside of the obvious resolution, AA, and AF options.
I am however, somewhat thankful for ports if the titles themselves are good games and ported without issues. I don't care too much about enhancements unless they mean something, like the increased traffic and LODs in GTA5. Often I'm just glad to have the game available to me.
For example I was playing the first Rainbow Six: Vegas game this morning. It's a pure port of the 360 version, and did have some issues when first put on PC, but for the most part, it has been patched and is as enjoyable on PC as it is on 360 if you don't count the lack of online character persistence. I don't care that it's visually the same game either. It has resolution options, can run 60 FPS, and is fully mouse and keyboard compliant. I'm happy.