All depends on the hardware.
For mine, this is far from the truth in the 'next generation console wars'.
I really don't think the PS3 needs that big a step up in performance (perhaps with 4k around the corner, but I doubt very much that any of the inbound generation of consoles would have that on their radar at all).
What the PS4 needs is a far better refined 'experience'... that is to say, consider the XMB in the current range of 'Playstation experience'... if I could charge Sony 1c per 5 seconds I've been staring at that menu 'load/rendering' over the past 6 years, I'm sure I'd have a few bucks to show for it.
Whilst the only development house that I'm currently excited to see the next range of consoles for would be Rockstar (as most everything else is readily available on PC). I'm looking at a 'tighter' menu system, with less annoying login 'loading' screens and better menu structure. (I know PSN 'auto-updates' games you've got installed for you, but that shouldn't really be a premium feature. For mine the current consoles kinda suck for 'pick-up-and-play' because the first thing you're met with EVERY-F*****-TIME you want to play something is 'there's an update to download' and then... at least the AU PSN... you standing there, with your d*** in your hand staring at a 15mb file that takes /too-f*****-long/ to download.)
Sorry for the wall-of-text... I tried to think of it in a more structured manner... but it kinda came about as a rant.
EDIT: on looking over this post it doesn't really relate to the OP... but I think we're kidding ourselves if $600 is the guesstimate on the release price of the console in AU.
PSX launched at $700+ and the PS2 was similar as I recall. Then there was the PS3 @ $999.95.