Outside of the many potential bottleneck issues, I believe devs would also have to scale assets and effects to look good at that resolution, creating further issues with those bottlenecks.
We would have to look at a specific game and how the system handles a scene at 720p versus 4K to get a better idea. A system can be theoretically 10x faster/stronger, but that could apply to specific areas while other aspects are far less of a leap. Look at the Wii-U, it could have twice the theoretical performance of the ps360 in some aspects but if they go with 8ROPs, that would be a pretty big bottleneck.
I think my post acknowledges the whole 'depends where the bottleneck' is thing, when comparing current gen at 720p, at least. 'Current gen at 1080p'-fidelity ought to be a bit more straightforward, whether 720p-calibre stuff would be renderable at 4K on that kind of spec would be a bit more game dependent.
Not sure I agree on first point, though. The games that are going to be likely candidates for 4K are probably going to be unlikely candidates for asset improvement anyway (given their relative level of tech ambition) - but it's not necessary for them to benefit from increased res anyway. Better IQ is better IQ regardless of the source material/assets. Of course it would be nice to ramp up everything commensurately, but IQ can be improved independently.
Anyway, just questioning the whole 'there's no way' messaging from some...if leaked specs are true I think it should be feasible for a certain class of game, and perhaps better looking games than some might expect.