Okay, that's enough "PC's are slow" bs for today.
Anyone who says that the PS4 or XB1 is faster than an $800 gaming PC are just wrong.
First foremost, you don't want to program direct to metal for AMD hardware. You really, really don't. Their architecture is so confusing and full of hacked and patched legacy crap from trying to copy Intel and NVIDIA but a cheaper price points it will blow your mind. This is why the console have API's. Guess what? The Xbox 1 will run Windows and use DirectX 11, and the PS4 runs on FreeBSD with OpenGL, custom drivers, and another custom 3D API I sadly cannot recall the name of.
It's exactly the same as on the PC. And I promise you that my GTX680 is capable of delivering far more than 1.4TFLOPS, never mind the XB1 having just half of that.
All these E3 demos were running on actual gamer PC's.
Consoles do allow developers to tune their apps very specifically which is nice, but console games won't run that much faster for the hardware than PC games.