According to the latest rumors, PlayStation 4 is likely to be far more powerful than the Xbox 720.
The site VG247 states this possibility, based on claims from developers returning from the Consumer Electronics Show in Las Vegas.
The report mentions that the PS4, codenamed Orbis, can develop a power of 1.84 teraflops, while the Xbox 720, codenamed Durango, is capable of just 1.23 teraflops.
Hence, the PlayStation 4 could have a raw processing power far greater than that of its competitor.
In addition, it is rumored that the Xbox 720 has more RAM than the PS4: 8 GB against 4 GB for the Sony console.