So, i think it's fair to assume we won't have a bulldozer as a CPU...
Bulldozer doesn't seem to be that bad in eight core workloads, and console developers would always be using all it's cores. You should not look at the single core benchmarks when deciding what CPU is suited for a console.
Bulldozer seems to be currently suffering from two things: Windows thread sheduler allocates threads to modules inefficiently (5%-10% improvements in Win 8 already measured). L1 data cache (simple 2 way cache, shared between two cores in module) also seems to be having aliasing issues in multithreaded workloads (discussed in Linux kernel list). A simple fix yielded 3% peformance boost. These are not problems in console development. Libraries, OS and compiler are all fully optimized to the hardware and console developers allocate their threads manually (to maximize shared cache usage, and minimize shared FPU contention). We could see 15% better performance when these issues are taken out of the equation.
Add in the promised 10%-15% IPC improvements from revision 2 core (Piledriver), and we have total performance improvement in 25% range. If you only look at the 8 thread benchmarks and factor in a 25% improvement for Bulldozer, things do not look that bad anymore.
And then we have AVX, XOP and FMA4. Console developers would be using these extensively on all games, and all libraries would be optimized for these. Theoretically FMA4 doubles the vector thoughput (in reality the the gain is of course lower). These are really important additios, but are not currently visible in current benchmarks (except x264 HD 3.03 where Bulldozer really shines).
As for the excessive 125W power consumption and the huge caches. The low power Opteron 4256 EE has 8 cores, 2.5 GHz base clock and consumes only 32 Watt. Add in all Piledriver (a core designed for laptops as well) improvements, and we would likely have a much more power efficient CPU. Huge caches are not needed in games either, they are mainly there to have reasonable performance in server workloads and in general workloads (much more cache trashing and less efficient data structures than in highly optimized game engines). Cut the caches and the transistor count drops dramatically.
The question really becames, could AMD/GF produce that thing in a timely manner, have good enough yields, manufacturing costs, etc... They have been consistently late, and that doesn't bring confidence. Microsoft and Sony cannot be late this time, they need to be absolutely sure everything goes as planned, and IBM has very very solid track record in that. And both manufacturer's have existing experience in IBM CPUs from their last consoles.