They said at the start that the games will be there at E3. Hope so, gamers seem pretty miffed at MS at the moment. That whole conference was aimed at the waggle crap gang that followed the Wii.
In terms of power, PS4 is better. At this point though, I don't really think it matters. We're at a pretty good level with graphics and such.
It does look like a bloody VCR though...