I think you're focusing too much on the hardware. I picked it up for $270 a while back and thought it was worth every penny. I have no delusions of it being a powerhouse compared to the other consoles or the PC, but it's got games I actually want to play.
I don't see much point in a powerful console if there's not many games I'm going to play on it. There are more economical paperweights if that's what you're looking for.
Not saying the PS4 or One are bad, just the library needs to expand a bit before I'll plunk down cash on em.