@ hasten,
The GPU in Xbox360 was based on a unified shader R500 codename Radeon design. While it was not a high-end unified shader GPU like the X1950XTX was, it was 1 full generation ahead of what AMD had on the desktop at the time. While Xbox360 launched in November of 2005, the first unified shader GPU for PCs from AMD launched in May 2007 as 2900XT.
Thus, it's not true at all that you can't have next generation parts in a console. The main constraints are power consumption and costs (how much is Sony willing to subsidize the console's MSRP).
The other part about Fusion APU -- AMD allows different SKUs to be used in CrossFire, for example HD7970 and HD7950. It's not inconceivable to have a Fusion APU with low-end HD7000 series and a slightly downclocked HD7850 dedicated GPU in the same console. On the power consumption front, a Pitcairn based HD7950M (1280 shaders), full 256-bit bus and 2GB of VRAM consumes just 50W of power in total in laptops. By end of 2013, this GPU will be 1 generation old as it will be replaced by HD8950M.
If you look at the specs, you can have a 725mhz 1280 SP HD7950M = 1.856 Tflops. That fits nicely into the sub-50W power envelope, the cost structure and performance sweet spot. It's too crazy expensive like an HD8970M would be and it doesn't consume 180-200W of power like GTX680/7970 would be. Using HD8970 or GTX780 would be completely out of the question due to cost and power consumption limitations.
However, foregoing the inefficient and slow Cell / PowerPC architecture and having dual-HD7000 series graphics would actually give PS4 a chance to surpass Xbox720 in terms of graphics. The Cell was too expensive and very power inefficient. Using the APU approach provides an added GPU boost and superior CPU performance at the same time. Sony also can't afford to use a modern Core i5 CPU from Intel since those are too expensive. Most of us here would much prefer an AMD Fusion CPU over PowerPC or Cell 2.0 designs which are vastly inferior to an off-the-shelf x86 CPU modern processor. I don't think Cell is even possible since Sony abandoned the development of future Cell architectures in 2007.