It may be better than the Wii U's CPU, especially with an easy to make architecture, but its still bad for a home console. But at least in relative to the PS4's CPU, it isn't worse per se. The CPU, GPU, and RAM all each seem to scale down by 2.5 to 3x from the PS4 nearly perfectly.
So the discussion about Switch's CPU and bandwidth being potential major bottle necks is true then. But how much better is PS4's bandwidth over the Switch again? Is it more than a factor of 3?
Any PS4/xbone game should be scaled without too much trouble the switch. Devs that say they aren't porting to the switch because of "power reasons/isn't possible" are straight up lying and just don't think it would sell.
Again, if the PS4 has a factor of 2.5 to 3 over the Switch in CPU, RAM, and GPU, then the CPU isn't relatively underpowered when compared to PS4/Xbone, and I don't think ports should be a problem. On the flipside, no single aspect of the Switch hardware stands out from its competition for any single area in hardware other than power efficiency. Anyway, from the ports we've seen so far, the Switch has held its own. Games like am Setsuna, Snake Run have held up on their own on the switch. It will be interesting to see more demanding games that take more bandwidth and other areas. AAA 3rd party platforms especially.
X2/pascal switch version can't come out any sooner. It should scale much better with third party ports.