A big thing being overlooked is that the new Xbox need not be more powerful than what we already know. Hardware specs alone don't make games, developers do.
The currently rumored, and widely expected, specs for Durango are more than enough for incredible games that are a pretty big jump over what we are getting from the 360. And what it all ultimately boils down to is that it's quite simple enough to address certain performance related concerns by lowering the resolution. 1680x1050. I say get use to it or some form of it now, as we'll probably be seeing plenty of it on Durango.
For a number of reasons much too long to go into, I'd say the chances of a higher clock on the GPU are pretty high. I don't think Microsoft has ended up in the range that they're currently in right now with their GPU by coincidence. If we're wondering what possible extra planning Microsoft might have done with regards to potential late in the game changes to account for newer circumstances, I'd say that the easily achievable and safe clock speed evident on this GPU is something that Microsoft would have carefully planned around.
http://www.amd.com/US/PRODUCTS/DESKTOP/GRAPHICS/7000/7770/Pages/radeon-7770.aspx#2
I believe between 900-925MHZ are very strong possibilities for the Durango GPU. I think they picked a GPU range that conveniently allowed them some extra breathing room as it pertains to proven safe clock speeds. The inclusion of the ESRAM should also be a net positive as far as concerns regarding power savings and thermal go. I believe they possess the right balance to easily exceed the rumored 800MHZ core clock for their GPU, and I will actually be pretty surprised if it isn't at least 100-125MHZ higher.
Microsoft knows what they're doing. Toss in the various measures that can be taken on the developer side of things, in addition to the gains that will come from focus on a single spec, and I expect we find a far more capable system than people are giving it credit for. It's irrelevant how their specifications compare with the plans of a competitor as long as they're providing developers with enough power to do what they want, and they most certainly are.
It has been suggested that there have been challenges manufacturing things on Microsoft's end, and it's likely to do with the SRAM. Many look at the SRAM as a last minute solution to a problem they created by choosing DDR3, but I think it's actually apart of a more comprehensive strategy than Microsoft are being given credit for right now.