It'll be much greater, relative to the system.
Look at the graphics the PS3 and 360 can do compared to the GPUs they've got. It's far far greater than you'd really expect from, say, a GPU that has less raw power than an X1900 or nVidia 7900.
You also can't really compare how PC releases will run because while it uses
the same hardware, the software layers will be completely different.
For example, the 360 uses an AMD GPU in it, it has no bearing really.
Direct X is meaningless when talking about anything that isn't Windows really.
DX 11 doesn't mean good graphics, it's just an API that defines certain functionality of GPUs if they want to be compliant in the spec. So outside of that, it doesn't really mean anything.
On consoles, they have direct access to the hardware, which makes things like Direct X quite obsolete anyway.
The features will be defined by what the GPU can do, and I think most people in this section are massively underestimating what they will get out of the PS4, because they can't stop comparing the hardware like for like, to Windows based computers.
Its not actually

its an IBM power PC 970 chip (Xenon) al lot of misconception about that, somehow people speculating "its equivalent to an Athlon x3" turned into "its an Athlon x3" currently AMD have no CPU's in any GC.
AMD in the PS4 and new xBox will not boost AMD in their GPU and CPU performance much, on its own.
what will is them working with game developers, which they are now doing.
Whats more is game developers will be very receptive to that given the situation of AMD being in everything.
AMD's revenue intake could also double from this, its not just IP that they are selling for $10 a chip that Sony would make themselves.
The CPU is made by AMD and sold as a unit to Sony for a lot more than a token amount.
I don't know if the GPU will be licenced as a per unit IP based contract, or again manufactured and sold per unit to Sony.
Either way, with the new xBox, PS4, Wii u, i think Steam Box, and a couple of others.... that all mounts up to a lot of IP revenue, some of it will be physical unit sales which will again amount to a lot of income.
Thats all extra R&D, on top of the optimisations this will bring, even Intel could soon find AMD screaming up behind them snapping at heels on the CPU side.