The real reason to get excited about a PS4 is what Sony as a company does with the OS and system libraries as a platform, and what this enables 1st party studios to do, when they make PS4-only games. If PS4 has a real-time OS, with a libGCM style low level access to the GPU, then the PS4 1st party games will be years ahead of the PC simply because it opens up what is possible on the GPU. Note this won't happen right away on launch, but once developers tool up for the platform, this will be the case. As a PC guy who knows hardware to the metal, I spend most of my days in frustration knowing damn well what I could do with the hardware, but what I cannot do because Microsoft and IHVs wont provide low-level GPU access in PC APIs. One simple example, drawcalls on PC have easily 10x to 100x the overhead of a console with a libGCM style API....
I could continue here, but I'm not, by now you get the picture, launch titles will likely be DX11 ports, so perhaps not much better than what could be done on PC. However if Sony provides the real-time OS with libGCM v2 for GCN, one or two years out, 1st party devs and Sony's internal teams like the ICE team, will have had long enough to build up tech to really leverage the platform.