From what I hear the the PS4 "Neo" is predicted to be capable of 4 teraflops. And 4k capable for everything besides gaming.
It's also likely going to be a requirement for PSVR that doesn't suck, also a big part of the reason it is being released. At 4 teraflops it would be in GTX 970 range, the minimum requirement for PC VR
From MS I hear they are going to be releasing a Slim 4k capable(not gaming) xbox one for late this year. In Q2 2017,which is a big change for MS. They are going to release Xbox "Scorpio" capable of 6 teraflops. They are also expected to to announce a partnership with Oculous Rift. 6 teraflops puts you near a GTX 1070, which would also put 4k gaming in range. With top quality VR.
Nintendo's new console is also expected Spring 2017, but it's going to be different, and Android based.
It's said not to be a Wii U or 3DS replacement. Yet it's supposed to be a handheld and a console, that may use the "cloud" in the form of other consoles to help game rendering? All could be complete BS, but I think Nintendo is looking to really shake things up.
I'm sure we will have a lot of answers in the next couple weeks.
Sony 75" X940D, 7.1 Klipsch, Onkyo TX-NR656, Xbox One/360, Nvidia Shield Alienware Alpha, Arris Gateway, 42" Samsung