If you total the processing power of all the consoles, using some funky PR maths, you get a petaflop of (always online, always connected) gaming processing is better than the teraflop within the individual box. In a persistent world game, I don't think that'd be too far a stretch, although of course pretty misleading. But I think that comment and the others tie in well with the always-on rumours. Durango is likely to be on the net sharing code and processing with other boxes and servers. It'll give a great marketing angle. "Tap into the power of cloud computing, bringing a petaflop of processing power into your living room!" Of course, that petaflop is shared between each thousand consoles contributing to it, so the processing per player is no better than 1 TF each user...
Thinking about it, all those slides seem more relevant to the rumour thread than hardware. I'll make the move...