What's amazing is that a difference of a few KB/MB of memory and getting to a 33MHz processor (from memory that's what the ps1 had? If I'm right then I'm a freaking genius)
Original PS had ~3.5MB RAM total, in three different pools (main, video and audio RAM...and a 32-ish kB optical drive buffer as well) IIRC.
It's a gigantic step up to that level from an 8-bit, 3.5MHz main CPU with virtually no hardware assistance whatsoever and extremely primitive video hardware to a system with nearly ten times the clock speed, four times the bit width, something like 24 times the RAM and massive amounts of hardware acceleration for both sound and graphics.
Plus, development software was so much better in the PS1 era as well, whereas in the Spectrum days you generally wrote most, if not everything yourself in assembler. If you brought in a musician like Galway or Hubbard, they had their own player routine (also written in assembler, heh), but other than that... There were no residential libraries to speak of, and most, if not all of that you threw out first thing right off the bat as your game booted, to free up more RAM. A device like the C64 floppy drive had its own onboard CPU that ran a small kernel to provide disk I/O, but that doesn't really compare.
Of course, both PS1 and PS2 had virtually no firmware either, you didn't have to flash updates to them every couple weeks (sometimes days - shit, Sony, get your act together! lol),
because you couldn't.
So yeah, you're a genius.