Consoles are different than PCs. The chipsets get chosen much earlier in the development cycle, so of course they are gonna be "out of date" upon release. This isn't the PC world we're talking about. Things change quickly there. Consoles will always be outdated upon release if you compare them to PCs. The PS4K, if you believe the rumors, will be "out of date" upon release as well. Plus, there's the price you gotta worry about. People, like me, spend a grand on 1 GPU, alone. You can't expect Sony and MS to make $1000 consoles. $400 seems to be the best price point. With that, you're gonna get "outdated" tech. But even with "outdated" tech, the consoles can still have amazing graphics. Look at The Order and UC4.
Graphics don't make good games; they simply enhance them. Gameplay and art direction go a long way too.