Ubisoft have already been heard complaining about the lack of power. The PS4 is already outperformed by a mid-range gaming PC. I honestly don't see how these consoles will compete in say 3 years when more intensive games are being designed.
More intensive games just won't be designed, or at least not many of them, the same way games have been held back for the last several years by the PS360. Devs may grumble about it, but they're not going to move to PC in droves because PC games just can't support the same kinds of numbers that consoles do. I think the proof of this is that PS360 games are still being put out, even though they're far more underpowered than PS4/Xbone, because there are enough users to justify it.
I also think you're discounting the optimizations possible one a console where everyone has the exact same hardware. Early games always look worse and perform worse than later games, because the devs haven't yet figured out how to eek out every last little bit of performance. The superior potential for optimization is what allows consoles to far outperform PC's with similar on-paper performance specs.
*Edit* - I do agree that it's kind of baffling why companies continue to almost exclusively chase the huge blockbusters when there's only room for so many of those and if you try and fail it can bankrupt the company. I'm just hoping the industry will figure that out eventually.