look at previous consoles
the chips on release in them were like our top end gpus
xbox 360 and ps3 on launch had the equivelent of a 300-350 quid gpu in.
it wont be any different in this.
they lose on consoles production for many years but in ints life cycle profits through games and once the production costs have lowered.
stop thinking of todays price of a top end card . it doesnt work like that
as said previously one of the biggest games that will ever sell and will generate a billion pound on its own ! will be on these new consoles .
it will probably be the launch game for the xbox so if this is the plan the xbox 720 will be out nov 2013 same time as the new call of duty using the unreal 4 engine. call of duty 2 was the xbox 360 launch title. you always launch your console with games to sell it. there wont be a bigger game in next few years.
so expect the consoles to have at least a gpu chip to run the unreal 4 engine at atleast 30 fps currently a nvidia gtx 680 does this @ 30 fps.
thanks for listening