Driveclub would've been more interesting if they showed off city racing.
and speaking of Wipeout, if only this were a racing track instead of some Killzone backdrop

I want Crackdown 3 to look like that.
If the 720 is weaker then it will mean that 3rd party PS3 games won't look as good as 1st party PS3 games unless Sony chips in on development. Even if PS3 comes out stronger than 720, which may not be so, unless it's outselling it 4:1 there is no reason for developers to target PS3 spec and leave the 720 in the cold. Especially when developers were making bank on 360 and not on PS3 for the most part.
And I say this as someone who really enjoyed yesterday's conference.
PS2 was the leader in its era but PC, Xbox, and even Gamecube ports looked markedly better. But yeah, PS2 was setting and limiting the standard. There were a couple PC/Xbox exclusives like Doom 3, Riddick, and HL2 that probably couldn't be done on the PS2.
I think anyone who's looking to buy a PS4, Durango, or continue to play on PC should be hoping the Durango is a powerful console within the same ballpark.