I get what you are saying, but that assumes 100% efficiency in the code, which of course is never really attainable. Eventually they will get closer to the PC version, and it won't be a matter of raw hardware but programming improvements, techniques, optimizations made to compilers etc.
This ^
I'm not shocked to see a PS4 tech demo not quite matching up to it's PC counterpart. But console development has always been like this. I mean compare Xbox 360 launch titles (Perfect Dark Zero, Call of Duty 2) to titles launched when the console reached maturity (Mass Effect 3, Battlefield 3, Halo 4).
The fact that the launch titles for PS4 look so good already makes me very optimistic for the next gen going forward.
http://www.upload.ee/image/3202626/background.gif
http://www.upload.ee/image/3202625/sammas.gif
http://www.upload.ee/image/3202621/uks.gif
http://www.upload.ee/image/3202624/koll.gif
These GIFs really illustrate the wonders that can be achieved when you pit a cut-down HD7970M with 8GB of GDDR5 against a GTX 680 with just 2GB of GDDR5!
Not to play devil's advocate here, but to me the biggest difference from those shots are lighting direction, and DOF. Both these issues were addressed by an Epic employee:
...
"The biggest changes actually came from the merging of two separate cinematics, the original Elemental and the extended Elemental we showed at PS4's launch event. Each had different sun directions and required some compromises to join them. This resulted in some major lighting differences that aren't platform related but were due to it being a joined cinematic. Another effect, in the original...
"Feature wise most everything is the same, AA resolution, meshes, textures (PS4 has tons of memory), DOF (I assure you both use the same Bokeh DOF, not sure why that one shot has different focal range), motion blur.
"Biggest differences are SVOGI...
Not sure why they did that... but everything being in muddy shadows really makes the PS4 version look worse than it is. Compare the shots that are both in sunlight and the difference isn't as dramatic.