The ps4 is prob about the equal of a intel i3 + nvidia 480. Remember a few factors with console's
First off The 8 gb of ddr 5 memory for the ps4 is shared. Meaning they can dedicate x amount to system and or x amount to gpu. Example of this is. 2 GB of memory dedicated for graphics 6 dedicated for system and other functions. Unlike PC that most modern (non shared video cards) Have Dedicated system and Dedicated video memory.
Atm a stock Ge-force gtx 480 actually is just shy of computational power of the entire ps4 system.
Anyways. Why people think pc games cannot look most the time as good as a PC counterpart.
2 fold first off when developers design games for the pc they build the game off a snapshot. So while some people have insanely great pc's they also look at jo blow whos pc might be a few years old. Typically games built on the pc are written to be played on a wide range of hardware.
Console's on the other hand have 1 value. Eg if Timmy buys game for ps4 and Jane buys a game the hardware is identical.
Also note Console's do not have the same overhead that traditional pc's have. They have a miniature version of the os that does 1 specific task play games watch video so on so forth with in x environment. If a console had the same overhead as a pc it would choke.
Furthermore. Ps's xbox's and wii or even a snes and so forth. Have custom processor archtype.
While it may be based of say as an example a i5 or a i3 or even a intel core 2. The processor in a console is designed to run in parallel with other system devices. Something that most consumer level pc's do not do.
Xbox 360 does in fact use Direct X. It also uses a less resource intensive version of windows based of win NT 2k with way less overhead. Not to mention The version of direct x for the Xbox 360 can actually talk to the hardware directly without the need of the direct x services. The api is still used for Pixel calls and input commands. But actuall hand off of info is handed metal to metal,
Ps3 while it uses Linux and Open GL /AL components it still has the ability to Hand info over at the direct hardware level.
Your Iphone 4s has almost as much computing power as the xbox 360 and ps3. From a gaming standpoint and is technically a tad bit more powerfull then the PS vita.
Gaming on the iPhone 4S has been likened to the PlayStation Vita,] that features the same SGX GPU only in a quad-core configuration, and the Nintendo 3DS handheld game consoles. Further, the iPhone 4S' ability to process 80 million polygons per second has been compared to the PlayStation 3 and the Xbox 360 home video game consoles that can process 275 million and 500 million polygons per second respectively.
Well since you mention the PS4 can match a core i3 and GTX 480 I can certainly live with that.
Seriously thats an incredibly powerful specs. Now that we know the PS4 can do all the graphics we would need in 1080p its safe for devs to start focusing on gameplay now.
I personally never saw the need to go beyond Crysis 1 level of graphics. And from the looks of it a GTX 480 / core i3 can run Crysis just fine.