They also said every 360 game will render in 720p and then right at launch PGR3 didn't
To be fair, that was different. They expected their high speed EDRAM configuration to give them a free framebuffer. But someone at MS fucked up and made the EDRAM size too small(10MB),which was not enough to satisfy the needs of native HD for certain titles.
This is using much more straight forward architecture.
Assuming you meant PS4 pro here ofc, it's a sizable chunk of real world performance taking the current closest graphics card equivalents (380x for PS4 pro and 390x for scorpio)
http://www.anandtech.com/bench/product/1559?vs=1592
That is true, that's why many devs on record, would want to use that GPU power for more than barely hitting UHD resolutions.