Do you have a link to the 300-350GFlops thing? And what's this "1/2 speed of current generation console thing", I'm seriously confused.
The Wii U's main memory bandwidth is 12gb/s. Compared to 21gb/s for 360 and something similar for PS3. I'm surprised you don't know about that, the bandwidth speed of the main memory was one of the first things actually uncovered.
What is holding the Wii U's bandwidth up to begin with in order to run any kind of modern game is the EDRAM, and who knows what speed that is. It would not run any game without the EDRAM being used in some fashion.
As for my GPU statement, its simply my prediction, but don't be angry when it comes close to that. Sonic Racing Transformed dev said something to the effect of "comparable to the current generation but maybe slightly more". That fits a 300 to 350gflop gpu pretty well in comparison to 360 and PS3's 250gflops.
Either way, Nintendo probably wasn't incompetent enough to put in a GPU that was more powerful relative to the other components in the machine(ram, cpu ect), it would be bottle-necked to high heaven, held back from achieving its potential and in short, would just be a waste of silicon/money for Nintendo's budget.
I'm personally going with something comparable to a slightly cut down 4650 with some DX11 effects support pasted on.
I want Nintendo to succeed just as much as anyone, that's why i bought a Wii U and plan to support it by purchasing games in the years ahead. But facing facts, the Wii U is not a graphical powerhouse and is comparable to the current generation.