First off, a couple of things. (tl:dr at bottom 🙂)
1. The outgoing generation of consoles have been around long enough that a good modern AMD APU can outperform them in every way. So consoles affordably built around an APU would be an upgrade, performance wise. And that's crucially important, it seems to me.
2. Wii's success demonstrated that an affordably priced option, built with such components which would result in profit on every unit sold, coupled with a great gimmick -- motion sensing controls in that case -- could vastly outperform (money-wise) a more expensive console that was technically superior, but meant taking a loss on hardware.
It's about affordable consoles: built to play games with better-than-current-generation-console graphics at 30 FPS and at a somewhat reduced resolution, say 720p, perhaps a bit lower. Games built on somewhat generic AMD hardware which would be easily portable to PC -- but regrettably that's not quite the point. Rather, the point would be to have games ready to go on better performing hardware which would be put on the market relatively soon. This future hardware would enable higher resolution rendering, [superior] AA in some form or other, 60 FPS (not so much for smoothness but rather for 3D : an important marketing point), better textures, tesselation, shadows, etc. Basically the second wave of consoles would permit the turning up of the graphics settings, as we PC gamers experience it.
These affordable consoles will have the advantages of lowering the price of entry into one manufacture's closed ecosystem and tying the costumers into that seller's own [profitable] peripherals, into their marketplace and so forth. These are real cash-cows for the console sellers. The use of x86/dx11 APUs ensures that future hardware is cheap and easy to port to, and relatively simple also to obtain, given AMD's natural evolution in that direction regardless. Further, building around a conservative APU in the first place allows for the higher-end technology a couple of years down the line to be affordable (enough to turn a profit on, say, a 500$ console while still offering a desirable upgrade in graphics, and perhaps physics, compared to consoles released a couple of years prior. And as I mentioned before, 3-D)
The possibility of dual-booting a next-gen xBox into a full-fledged Windows operating system has been brought up, and I have to say that it seems like it would be a great thing for Microsoft. After all, Microsoft doesn't really sell PCs. It would be a boon if they could sell an OS license for an xBox upon which they're already turning whatever profit. Beyond that, desktop PCs are on the decline, loosing ground to laptops, tablets, smartphones. Consoles however look to have taken up that spot where people sit down to play a game or watch a movie. What possible disadvantage would there be for MS to try and get a real Windows OS (with the revenue that implies) into the hub of people's electronic home and so have them take their email, check up on their facebook; generally experience the internet in the way they've grown accustomed to. Further, selling PC-like peripherals for this PC-replacing, APU-based console... Hence selling both hardware and software for a real Windows/PC experience and, perhaps more importantly, leveraging their brand unto the choices in portable devices which have consumed much of the old PC's functionality.
Sony, on the other hand, wouldn't be at all interested in x86 for the easy portability of their existing software. Although Sony does have software and media which they wish to push with whatever hardware they choose to sell; namely games and movies. But they mostly have more peripheral hardware to sell, I'm thinking of 3-D TVs and whatever other hardware goes along with that functionality. It would make sense for them to want to lure customers towards their own brand of 3-D, with the promise of experiencing this next generation of games -- at first unveiled on underwhelming APU hardware -- with higher resolutions, better textures, shadows and so-forth, all in 3-D to drive sales of many of their other products. Again, easy portability of software based on the hypothetical affordable APU-based consoles becomes interesting as does the lowered complexity, thus cost, of building a subsequent higher-performing, next-gen console.
TL;DR: none of this addresses the technical merits of PowerPC Vs x86 in consoles, it merely brings up some of the perceived advantages of going with an AMD x86 APU for the next-gen consoles. Namely, in Microsoft's case, the possibility of pushing Windows OS into the center of customers new digital lives in order to encourage adoption of other MS-centric appliances and applications, among other advantages. And, in Sony's, the occasion to have their future portfolio of games transfer seamlessly onto a higher-end console which would then drive sales of some of the more valuable peripherals that they produce. In both cases economy in R&D and greater market presence are the bottom line arguments.