Microsoft may be upgrading the specs of the Xbox One before its release
12GB of DDDR3 isn't going to help much. Yeah it makes up for the bloated 3 OS's taking up 3GB of the 8GB and puts RAM availability more on par with the PS4... but anyone that knows squat about GPU's, knows that the same GPU with DDR5 is about twice as fast as the one with DDR3. Memory bandwidth is king for GPUs. Then add to the fact that the PS4 has 25% more GPU cores... and not even the alleged clock bump Microsoft may do will help much (in comparison).
For cross platform games I guess devs will have to program for the lowest common denominator anyways, so even though the PS4 is more powerful it is not going to be used. I doubt features will be turned on/off on different platforms to gain some fps.
Even with this gen, isn't the PS3 more powerful hardware then the 360? The cross platform games still look the same or maybe a bit better on the 360.
Regardless this is a complete cluster fuck from Microsoft. I don't know how they will get out of this one on top but they will have to do some major changes and price cuts, which I doubt they will do.