Switch will still have more ram and a better, more modern GPU than anything from the PS3/X360 era when he made that comment.
Switch is a very modern design, that supports vulkan and the latest shader techniques. The CPU might be clocked lower than what some people expected at first, but that's not the only thing that's important.
For example: It plays Zelda a lot smoother on Switch compared to the wiiU footage we saw.
Zelda looks like ass.
PS4 and Xbone are already starting to show their age, so i don't think a developer claiming how impossible it was to develop for older hardware, has that much leeway in terms of working on underpowered HW, and there's no other way to call the Switch, assuming the various rumors are true, it is meant to be a portable after all.
A bit better than Ps3, isn't really inspiring at all.
Unfortunately Nintendo still keeps going in this direction with their HW, and i can't really fault them, as Sony seems to have really cornered the hardcore market, they do what they can, but i can't say i'm happy that one of the titles that allegedly needed all this power to work, is going to be tailored around their gimmicks.
That is, assuming this rumor is even true, for the sake of argument.