They were advertising that the new consoles would have 6 times more graphics processing power. I think it's not that huge jump, really. They will increase the resolution to 1920x1080, which is twice as much as 1280x720, so only 3 times speed is left. Now, considering consoles run games on low settings when compared to PCs, the new consoles with 3 times more power will not run the games higher than high settings. And they will still be stuck at 30 fps.
And remember, that's for current games, not for ones that come out in 2013 or 2014 .