The X1 GPU running at 1197 Mhz would bring shading power to nearly 1.8 TFLOPS.
The PS4 can achieve 1.84 TFLOPS at 800 Mhz because it has a lot more shader cores.
PS4 @ 800 Mhz = 1.84
X1 @ 800 Mhz = 1.23
0.61 difference / 1.23 = 49.595% * 800 = 393.75 Mhz
393.75+800= 1196.75 Mhz
The 53 Mhz increase we saw in the X1 recently only brought it up to 1.32 TFLOPS.
This estimate is very rough and probably isn't entirely accurate, since performance per clock may differ. It still means that you'd need a massive overclock and some voltage tweaks to make up for the now 520 Gigaflop disadvantage.
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