MS and Sony are going to lose a load of money with the sales of the hardware with those specs if they are true.
How so? That puts it in the range of Radeon HD 7770 or GeForce GTX 650 Ti. This is pretty much in line with their rumored Radeon HD 8770 on the XBox.
It would make sense if they both targeted a 300-500 usd mark. Considering the volume, I imagine AMD has given them very good deals.