I remember in year 2005 when Xbox 360 launched, some AAA launch title developer said the Xbox CPU is slightly less powerful than dual core Athlon 64 for running average code. At that point Athlon 64 X2 was the most powerful PC CPU, and it ran at 2.0 GHz. Assuming this old info is even somewhat true, we can draw some conclusions... which of course can be debated a lot, since programmers didn't know that well how to efficiently utilize a 6 HW thread CPU at that time.
According to official AMD launch information (collected from reviews around the net), we get the following info about their architecture IPC increase over the years:
Athlon64(k8) -> Phenom(k10) +25%
Phenom -> Phenom2 +12%
Phenom2 -> Llano(k10.5) +6%
So, the bottom line is: Athlon64(k8) -> Llano(k10.5) +48.4%
So compared to Athlon 64, Llano has 48.4% better IPC at same clocks, has 45% higher clocks (2.0->2.9), and has four cores instead of two. So in theory Llano 2.9Ghz performance relative to Athlon 64 2.0GHz should be 430% (over four times as fast). So no matter how inaccurate the comparison between Xbox 360 CPU and dual core Athlon 64 was at that time, Llano CPU should be considerably faster.
The theoretical GPU estimation can be easily calculated from the available info. Of course the real efficiency of various architectures is different (but it's safe to say that newer architectures get more job done per cycle). So yes, Llano GPU half should be considerably faster also. Overall it's pretty safe to say that Llano should be over 2x faster than either of the current consoles (both are pretty near when we are talking about real games). But that off course assumes the game would be highly optimized for Llano. I doubt many PC game developers are spending months and months to optimize just for Llano. Maybe we are lucky and get a next gen Bulldozer based APU in a future console, so we can actually see how these fusion chips fare when developers start to really optimize for them.
Update:
Found a forum with lots of Brazos E-350 APU benchmark links. Brazos is a netbook chip designed to compete with ATOM (much lower end than Llano).
Brazos fares pretty well in current console games:
Battlefield 2 (2005) - 1024x768, all max, 25-35 fps
Crysis 2 (2011) - 1280х720, 20 fps
Dirt 3 (2011) - 1024x600, 19-25 fps (ultra low noAA 25-28 fps)
Mass Effect 2 (2011) - 1024х600, 20 fps
Call of Duty: Modern Warfare 2 (2009) - 1280х720, 25 fps
Current consoles run those same games at 30 fps at similar resolutions. These games are definitely not optimized for Brazos architecture. Maybe we get some netbooks for the Christmas that are more capable than the current consoles