The performance of the new generation consoles will be lower than many of you think
Jensen Huang in his presentation stated explicitly: GeForce RTX 2080 and RTX 2080 Ti graphics cards have more computing power from the one the consoles will offer Xbox Series X and PlayStation 5. On one of the slides Nvidia compares its RTX 2080 system to one of the new generation consoles. The graphics only say "next-gen console", so we don't know which one exactly this comparison refers to.
The other console can match RTX 2080 with its computing power, but it will be weaker than RTX 2080 Ti. In a word: 1.5-year-old Nvidia GPUs now 2.5 years old and 2.5 years old per year will be more efficient than what Sony and Microsoft will serve in their consoles in December 2020.
You will see the full presentation of Jensen Huang on HTC China 2019 below.
Is performance not everything?
It is the architecture used in the new generation consoles that will decide what games will be created with them in mind. If you are interested in this kind of devices, then you know perfectly well that productions on 7-year-old consoles can still look sensational despite the passage of time – for example, let Red Dead Redemption 2 be an example, let's be honest: console games look worse than on a high-end PC and … they always looked.
Sony or Microsoft need to go about console consoles for some concessions. The reason is trivial: both manufacturers cannot afford the price of their next genes to be too high. Using a GPU with computing power at the level of the Nvidia cards mentioned above would be unprofitable, because consumers will certainly not want to pay a fortune for the new console. Do you remember the inflated premiere price of PlayStation 3 and what fatal consequences it had for the Japanese company? Exactly.