I would expect that approach from publishers to backfire seriously.
I expect most games to aim for 1xxx*1080 resolution with vertical scaling, so it will be relatively easy to just decrease the vertical resolution if performance isn't adequate. Say, run the PS4 version at 1600 and the Xbox at 1280 and you have immediately compensated for a 25% performance advantage, with a very little to modest visual difference, especially considering the HW overlay for GUI text on Durango.
Then there's the question of virtual texturing and titles relying on it. If UE and Cryengine both implement it with efficient platform specific code, the DMA hardware can go a long way to compensate Durango's weaker raw performance. Same could be the case for deferred rendering, and so on.
Last but not least, I'd expect the Xbox dev tools to be better once again, which would mean that maintaining stable performance would require less resources compared to doing the same on the PS3.
Some people assume that Orbis uses a derived 7970/7850. If so, Orbis should have 2 DMAs tied to the ACEs for such purposes. Not sure if Sony removed them. A few folks are asking if the rumored 4 compute units are in fact the ACEs.
I expect MS's entire workflow toolset to be a lot more advanced in any case.
EDIT: I also expect MS to gamify their non-games.