My Fathers PS3 and its issues have made me shy away a lot more from Sony than historically in the past. I loved PS1 and PS2, Loved every title and the console itself. But in this iteration I would more than likely go for XBOX One if I had to choose.
Well, I have no money to get either, so my chioce is simple - none. And I did not need to even look at this battle. Most games I like are still best played with mouse, so if I have the money, then I spendt them on PC or PC parts to make the games run better, the HW run stable and cold and that it is.
So the choice is done for me
I'd say given the consistent ability for overstatement, at least on the processor side of the equation, it was probably a mix of both over spec'd and over promised ability.
I think that the todays games are not yet well optimized for the hardware. The Playstation 3 is a good example, how the performance in games get up over time.
On the other hand, it took developers time to get things fast. And that is usually not what they get (the need time).
So maybe we get things a bit faster after some time, hopefully.
Also the resolution goes too much up, that it is becomming a problem for the hardware, so… you cannot expect miracles for small little (reasonably cheap) thing.
There is one very bad problem, tough. And that is, that the power (or more lack off) of these consoles do limit the games we are going to get. Most developers need to sell many compies, so that is why they need to make the game run on PC, Playstation and Xbox.
And that ruin their ideas, because they are constrained into the console performance and even then people will be bitching about not getting 60fps in 1920x1080 resolution... (not even GTX 660 can do that on WoT - most likely because of poor code)
And one more thing - playability of games does not depend on resolution, framerate and effects. The most fun I even had playing a game was, when I done the 4 joy adapter (connecting another 2 joysticks into Amiga parallel port) and with there friends we played Dynablaster - everyone against everyone.
The game is ughly (Amiga can do better) and uninteresting at first sight, but when you get into the play, it is like... whoa! Let's bomb each other to pieces, lol:
4 players demo (audio sync off): http://www.youtube.com/watch?v=1-p-_3C6JpQ
2 german player play: http://www.youtube.com/watch?v=8PNVmfurzcY
…few times we played in 5 players (last one on keyboard, poor guy, lol) ... but it was hard to squeeze 5 people around one computer and small monitor, lol
But it was fun and my parents often complained about how much noise we made, as we have so much fun. And that game can run even on the poorest Amiga 500 with 7.14MHz Motorola 68000 CPU ;D
So fun does not need 1 000 000 polygons and 1 000 enemies, 3D graphic and hi-res textures
(if I can take Dynablaster 4 players or Crysis, then I will took the Dynablaster for sure)