Having a top spec PC has destroyed some of the excitement of seeing a console unveiling, which is usually all about the graphical jump when they first show off their games. I would've been most excited to see a next gen FIFA of some kind running on a new or improved engine of some kind. I'm most happy about the jump because it means some of the PC games we'll be playing in the future, that are multi-format will look significantly better, and will have true next gen engines, about time.
About the console itself though, surely it packs more of a punch than a Q6600 + 480 considering you can livestream + game at the same time among other things and how well optimized these games eventually become. I know you could probably get away with it but even my 3930K overclocked + a 690 has issue's keeping both going at 60fps if it's a demanding or less than optimized game. So the fact a PS4 that will cost 1/6th of what I paid for my PC can do the same things, much more streamlined is impressive.
Lower specs yet everything will run flawlessly, I expect Microsoft to have all the same bases covered. But with AAA games that have been kept under wraps to wow us all like they always do for a console launch, before they taper off and insist on giving us Kinect only experiences, once the hardcore has been persuaded to buy their new console.