PS4 graphics will probably be identical to the next gen Xbox "720". Future versions of the cell have been discontinued and 2012 will have better Cpu's and much, much better Gpu's. So we can assume the PS4 won't be using the cell, along with the fact developing for it was increasing deadlines and costing more.

So now the comparison should be PC versus Next Gen Consoles.

Because of games like Bio Shock, Killzone 2, Uncharted 2, Gears of War 2 and so many others, we can assume Next Gen games will have Crysis like graphics at best. Considering people this gen were already doing comparisons with games like Uncharted 2 and Crysis.

Though we probably won't be getting open world games with Crysis graphics, just those kinds of graphics on linear games such as Modern Warfare 2 or Halo 3.

To answer the next two questions.

PC will always be in the lead as long as you are given the option to switch out one part for another, or until consoles are allowed to do that.

Imagine real life looking graphics, virtual reality. We have no idea if the limit is anywhere that far, but you could expect something similar but just on a Tv screen ( the look of real life, not the virtual reality part ).

Because in business, all you need is to release first

It has nothing to do with quality, games, market, consumers, price, economy, developers, relationships, malfunctions, advertising, production costs, demographics, communication, budget, supply and demand

FFXIII + Versus and KH3. Hurry it up Square.