The CPU side can definitely be matched but packing in the GPU power would take a lifecycle at least as long as the last console generations.
Personally I'm dismayed by the level of CPU performance found in the new consoles. Last generation quickly ran into a roadblock posed by the limited memory capacity but I think developers have been hamstrung by a lack of CPU horsepower right out of the gate. This is coming from a total layman who can only interpret benchmarks but I know that Jaguar's IPC is very weak compared to every other modern x86 design and the power of a single thread is a huge limitation no matter how much you try to program around it.