Actually, yes, it is about cycles and how efficient you are with them. In the case of Project Scorpio, it's really damn efficient; to the point of the GPU having Direct12 baked into the silicon more than a normal programmable GPU would. In many ways, having it closer to ASIC makes it move custom in many regards to how SGI workstations were in some levels, but now with modern technology.
"Roll call instructions on the CPU that would typically require thousands of instructions are now reduced to just 11" -Leadbetter
"not only can Project Scorpio hit native 4K 60FPS in original Xbox One games, but it can do so with GPU power to spare. Furthermore the stress test apparently only used 66% of the early kit's 5GB of memory, and the final Project Scorpio hardware will have 12GB of unified GDDR5 memory with a 326GB/sec bandwidth.
VR, easily capable. I mean, really really fucking got that shit down with cycles-to-spare capable!!!