As someone who has 16gb of RAM in their pc, I'll say that games rarely use more than 1gb, and only see them use 2gb on very rare occasions. Some of this is likely due to things being held back by the current console generation, but I definitely think that it won't be the kind of limiting factor is has been for developers this generation. Sure, we'll hit it eventually, we always do, but to be honest I don't see it being a big deal.
As for gpu power.. I agree that it's a little skimpy, but it's because they have to save money somewhere, and to be honest I think that the "average" console player is starting to not care about graphics as much, as things get closer to the "good enough" range for most people. Not to mention that console games tend to run a bit closer to the metal, coupled with being specifically targeted/optimized for the platform generally gets a solid amount more performance compared to how similar hardware on a pc. Obviously PCs will still have better graphics at the mid-high end, but that's just how this always is :)