I don't expect PS4 and X720 to be anything more than fairly low-cost devices that can reasonably do 1080p @ 60FPS with minimal AA. There's not going to be nearly the push from either company to move the bar too far this time around, just from a pure economics standpoint. This is for several reasons :
In 2005, Microsoft, having some momentum from the first Xbox's eventual success (it didn't really catch fire until Halo, a good long while after the console was released), and facing the huge hype about the upcoming 'super' powerful PS3, had to really go big in order to make an impact. They were still billions in the red on the Xbox division even with Halo selling large, and they bet it all with a huge push emboldened by massive profits from their OS and Office divisions. This was their push to get deeply embedded into our living rooms.
In 2006, when PS3 was released, Sony was in the middle of a format war, and so used the PS3 as the vanguard to defeat HDDVD, as well as a desperate attempt to hold the lucrative gaming sphere it had a giant stake in for over a decade.
A lot was on the line for both companies, each knew the other was going big, and so they both threw everything at it. This resulted in consoles that cost many hundreds of dollars, but STILL lost money unit for unit on release.
This time things are a lot different. Microsoft is shrinking, but fairly secure in the popularity of the Xbox branding now. They have little reason to go berzerk and try to push things very far. Sony is also seeing little reason to risk inflating the MSRP of the new console in order to please a significant minority of gamers who would even notice the power difference between say something on the line of a 7770 and a 7870.
The power is there now, without going insane, to have very detailed and fluid 1080p graphics with a bit of AA. I don't expect either side to do anything that would cause them unneccesary costs.
TL : DR - No way. PS4 and X720 will not beat even mediocre PC specs on release. I'd honestly be surprised if either was any better than a 7770.