Most likely. From some of the bits dropped here and there by multiplatform game developers, they apprear to be designing to one target for both PS4 and Xbox One, what they call their Next Gen target. This makes sense as they have a limited development window in order to hit launch + first year. So limiting art assets, engine capabilities, etc. to one design target allows them to hit launch/first year targets. Going forward after the first year (or perhaps even late in the first year) is, IMO, when developers might feel they have the time to budget in differences (though I'm doubtful how many will actually do this).
So, I'm not expecting the launch titles (multiplatform) to show much differences.
The 1st-2nd year will be when PS4 might show some graphical advantages. If system design comes into play and developer's can leverage the ESRAM (and whatever else) we might see things even up again later in the generation. Or sooner. That's, of course, all dependant on how those design differences can be leveraged.
I fully expect that some things will always be slower just due to the base capabilities. But some things might actually be faster (any operations that can be done within the ESRAM pool without going to main system RAM, for example). The question becomes how that eventually works out and whether the advantages cancel out the disadvantages in an average scene such that you basically have relatively equal rendering performance.
Regards,
SB