I didn't know that.
Skipped the Wii and I guess I'll skip the Wii U as well.
Well, it's up to you. Nintendo is launching a year early and their specs are not so great because they have to make an accommodation for the tablet. So, yes just on gaming memory alone they will be crushed.
1 Gigabyte to 6 (lets just even make it fair, 4 gigabytes for gaming) and that still is a big enough difference to have a huge graphical impact alone. Add in a superior CPU, GPU and a more modern graphics API and the gains only get higher and then the fact that Microsoft and Sony are going AMD x86 (x64 really), so development will be easier in a way. Development will cost more though because of higher quality art assets.
As the specs show the Xbox development kits currently have 12 Gigabytes, but that actually will not make it through to consoles, 8 will make it through and out of that 8 only 6 will probably be used for actual gaming and as I said above we can even go down to 4 gigabytes for gaming and it would still make a difference against the Wii U.
This is what we know at the moment... If you want to keep track of progress you can go to www.beyond3d.com and register in their forums and they have industry insiders there and they also get information that is some what technical in nature.
Also, FYI there is a .pdf floating around that is legit and was leaked from Microsoft sometime ago (like September 2010) and listed all the details about the next xbox. However, I do have the .PDF, but I don't know if it's legal to share it or not (so, I won't share it). Microsoft had them take it down (but I got a copy of it before they did), now this pdf is from September 2010 (I got it around 6 months ago) and lots of things have changed since then I am sure. However, they talk about Kinect 2.0 and a lot of other stuff that I can't discuss. If they do half of the stuff they want to do on that .pdf, the future of consoles is going to be interesting.
Remember not to confuse the Microsoft Xbox version of Roku/Apple TV device as the next generation Xbox. That is also being worked on in the Xbox division. It's just a cheaper TV device. It's from the Xbox group, but it is not the next generation Xbox, it uses an ARM chip and most likely be a TV version of Windows RT.
As for Sony, they are supposed to have their Beta release of their Development kit (for PS4, in Japan it will not be called the PS4 because 4 means shi which is death in Japanese) out by January of 2013, the final release of the dev kit will be released summer 2013. However, there has been some discussions on not including a discrete GPU, but using the GPU inside of the CPU chip., It would make it cheaper if they did that, but it's supposed to be heavily modified, so that is not a bad thing if they put in a better GPU proper. There have been other reports via magazine, but I won't include them because they look like rumors all over the Internet and nothing close to real.