What did you expect from a ~200W 2013 console?
First of all, consoles do not have to be limited to 200 watts. They could go up higher than that. I'm thinking 300 watts would not be too challenging to deal with. All you would need is a better cooling solution and a larger case.
I was really hoping for a game system that...
1) Had a GPU roughly equivalent to a GTX 680 (maybe downclocked a little to reduce heat).
2) Had a decent CPU.
3) Had at least 4 or more gigs of fast RAM.
4) Had a couple really neat innovations that would make it competitive with PCs.
What we got was a system with a fairly weak GPU (of course much more powerful than the PS3), a sorta decent CPU (I was not overly concerned with the CPU), lots and lots of RAM, and a few modifications that may or may not be significant.
Personally, I wish Sony would have saved all the money used on the controller, the motion sensing, and the camera and put it all towards the GPU. Personally, I like the idea of them putting a weak GPU on the APU (for compute) and then having a discrete GPU.
Like I said before, the PS4 is going to be a great system for those people who do not care about near photorealistic games. However, for anyone with the hope that a game might look like a TV show, the PS4 is a let down.