A true next gen console should have a CPU/GPU comparable to a high end gaming PC the day it's out. So we're talking 4ghz quad, dx12, 8gb ram, some ssd storage, a big HDD and bluray.
GPU-wise and to lesser extent CPU-wise that's true, but everything else about past consoles at launch wasn't comparable to higher end gaming PCs at the time. The Xbox 360 and PlayStation 3 launched with a 512MB total memory, video and CPU, while high-end gaming PC at the time would have had 1G of system memory and 512M of video memory. The PS3 had a Bluray drive, but the 360 only had 12x DVD drive where a highend PC would've had a 16x DVD drive. The 360 launched with a tiny, even for the time, 20GB hard drive, or none at all if you bough the Core model. The PS3 was better with the option of a 60GB drive, but a high-end gaming PC would've had at least 120GB, maybe more in a RAID configuation. Go back to the previous generation and the PlayStation 2 and the original Xbox, and you can make similar comparisions. Nice GPU, good CPU and mediocre at best everything else.
So I'd say following past history a next generation Microsoft or Sony console announced today would have an amazing GPU though at launch comparable to the best ATI and NVIDIA have to offer. A 3.5+ GHz quad CPU (probably PowerPC but maybe Intel or AMD), 2GB, maybe 4GB of system RAM, 512MB, maybe 1G of video RAM, 250GB HD or 8G flash. Sony's console would have Bluray, Microsoft's a 16x DVD.
Still even so by comparision the rumours of what's in Nintendo's new console are underwelming. It sounds to me like Nintendo is going cheap again. A GPU I can buy today, a CPU not much better than what's in the five year old Xbox 360. I'm surprised price estimates are so high, from what I've heard so far I'd think that Nintendo could sell this thing for $300 and still make a profit. Well assuming the weird new controllers don't end up driving up the cost at lot.