Alright, I'm in Toronto and was talking to my buddy who works at the AMD headquarters here.
As of what he tells me, they both are using same chip with different specifications from Sony and Microsoft, something like the market's 7700-7800, not really sure. He did mention the word "Jaguar processor".
As for the PS4, the first chip has already been sent out two months ago, it is back after a month or so, for the second revision. He says there should be a third and if they don't see any problems, should be ready for mass production. Apparently, AMD did delay the work, he says it is around 6 months behind schedule.
The Xbox 720/loop or whatever it is called, they are about to ship the chip tomorrow, they are expecting it back within a month or so for the second revision. Xbox is right on time, no delays so far. A feature for the Xbox that the PS4 doesn't have is something related to "ARM security". I did not get that part. However the internal talk at AMD is that, the Xbox is like a super computer(not sure if it is the chip or the console). Him and the team at AMD feels the Xbox is going to be more 'powerful'.
I did ask him to find out what the market equivalent card would the chips be, he said he will. Apparently the Xbox 720 team is sponsoring for lunch and a movie today(Looper), they are about to ship the first chip out tomorrow and they are expecting it back within a month for more revisions. He believes both the consoles should be out next fall, not far from each other.
P.S. He does not play games nor does he know anything about them. So he isn't as curious as you and I are.