I think sadly for Nintendo, the gap will be more than enough. Lets take your best case, 3X scenario, for this gen, that would be a 360 with a 166 mhz Xenos, 1ghz xenon, and I dont know, ~170 MB RAM?
Those specs don't describe what I mean by a 3x difference. I used the term 'gross measure' because such measurements are hard to make and very inexact. Is 2x the console achieved with just 2x the RAM, 2x the CPU clock, 2x everything? If we take this gen as 10x last gen, for PS3 that was achieved with 8x the RAM; 11x the CPU clock, but massively more execution units; 3x the GPU clock; the same working RAM bandwidth...it's such a mishmash of different variables, you can't make a simple performance extrapolation by just changing clocks and RAM amounts.
For 3x the performance, I guess I mean 3x the perceived on-screen graphics and in game elements. 3x the vertex counts, 3x the shader complexity, 3x the amount of physics, whatever hardware that runs on. And it's probably not a linear scaling for all those factors either. Heck one console running a game 60 Hz, and the other at 30 Hz, would constitute a literal half performance, yet Joe Gamer won't care a great deal about the difference if other factors come into play (cost, popularity, yadayada). It's probably a logarithmic scale, like human visual perception. With light, half the amount of light is seen as about a 10% difference in brightness. Likewise a console that's 'half' the performance of another is only going to look marginally worse, and not only half as good. This is something tech-specs can't shed any light on, how a console's graphics will hold up especially versus competitors. Hence it's a gross measure, just for discussion purposes.
Edit: In fact, I can explain exactly how the specs work. They are like dimensions of a shape. A square that's half the size of another square isn't half the width and half the height. These parameters are multiplied to achieve a half total value. In a console CPU clock, GPU clock and RAM could be considered dimensions of a cube. Halving all three would result in 1/8th the total 'volume' or console 'power'. Only there are way more dimensions than just three. Thus a 10% decrease across the board could result in a halving of the total performance And some dimensions can't be measured, such as shader capabilities or GPU features.
In real terms for graphics, a third of an XB3 would probably look very similar in games, only at less fidelity. A lot of future performance could be spent on excellent lighting and shading, which a lesser console could fake more and look comparable. Hopefully we'll see a decent amount spent on IQ next-gen, but a lesser console could get away with less AA and still be in the same ball-park. Wii wasn't in the same ball park, or the same league. It was several divisions down and that was obvious in its visuals. Wuu should have visually less discrepancy. The same game could be run at half the poly detail, less AA, slightly simpler shaders, lower resolution (720p vs 1080p), and still look the broadly same and not like some last-gen throwback. The only way this couldn't happen AFAICS is if MS and Sony go all out with insane, unaffordable specs leaving Wuu some generations behind. That or launch 3 years later!