The ESRAM is still essentially its own thing, memory read/writes to it can be 109 gbs right through to 204gb/s, but it's now a two way communication, not just a framebuffer cache like it was on the 360.
What that really means is post processing/defferred rendering is slick. Hellishly slick. Rendering is again, a one way traffic system, but any post processing can happen soon as the frame is created in the ESRAM. No GPU to DDR3 read/writes. All win win stuff (like last gen).
Clock speed increase means it has a throughput advantage (over PS4)in terms of the rate at which it process data, with almost zero stall pipeline in place. Very slick. OP/s still low compared to the opposition, but there is enough here to suggest that it will run efficiently enough.
Outside of the raw compute advantage on the GPU (for PS4), the Xbox one has a faster HSA bus, running at 30gb/s compared to "nearly 20gb/s).
It's all half a dozen of one and 6 of the other, someplace's XBO has advantages, others it doesn't.
Raw rendering, hell I wouldn't be at all concerned, it appears there's more than enough caches, and with the esram, and the dedicated swizzle hardware, this will hold it's own.
A good solid piece of kit that shows what a closed box customized system can do to beef up individual components.
Color me far more impressed with the dedicated silicon than I would have been if they had just taped the GPU and CPU together.
There is some smart stuff in here, wherever they know the CPU or GPU are gong to be bogged down doing mundane stuff, they have added silicon to alleviate it.