lead technical artist here
the gpu of the ps4 is marginally better, but the cpu of the xbox one is clocked higher then the ps4's, 8 cores - 1.75Ghz vs ps4 with 1.6Ghz.
there is also the misconception that faster gpu means faster graphics - the gpu can only work so fast as the systembus & cpu allow it.
see cpu and gpu as master-slave, slave can only work so fast as master gives him work.
then there is the ridiculous GDDR5 vs DDR3 debate...
yes - DDR5 has a higher frequenzy which allows for a higher theoretical peak memory bandwith.
BUT, the reality is memory read/writes do not happen in a constant stream, and this is where DDR5 is lacking and DDR3 takes the lead - latency.
DDR3 needs a lot less time for each memory read/write and with the addition of the 32eSRAM that xbox one has, read/writes can happen at the same time.
(taken the stupid peak bandwidth argument - the xbox one beats the ps4 on paper with 204GB/s vs the ps4's 176GB/s).
the reality is - games are incredibly complex and never ever run at peak performance of a system.
it takes a skilled team of developers & good planning to make a visually impressive game.
both consoles have the hardware and developers behind it to give us what we want - fighting over theoretical numbers and badmouthing the other system is stupid - the proof is going to be in the games experience.
now stop fighting and start playing