Project Scorpio??? Too good to be True?

keep in mind consoles are not upgradable like PC's and they are mainly coning out with new versions of console for VR and 4KTV's only so the console games will still be not as good as the PC versions of the same game. plus the XBOX One will be running a crippled version of Windows 10

if you are just a console gamer than don't bother with a PC and just get your console of choice

It sounds like it would compete with low-end gaming PCs. Matter of fact, consoles already do. FOr the price of a PS4 or Xbox One a PC will not beat it. Then again, remember that teraflops do not translate into exact performance; real-world performance is not directly proportional to teraflops. It is also probably rounded up. The Xbox One and PS4 are already great alternative to any gaming PC up to $500.

It's also a year and a half away, a long way away.

Don't consoles always have custom made GPUS from AMD? Not GPUS that the community can buy? I wouldn't think it would be a 480, but that's just my guess... Also I didn't say that the console could win the war of PC all together, I did mention the price. So if I wanted to go build a very powerful PC today, I would have to pay for a graphics card and all the other parts. For the console, it is already done for you, and pretty cheap when you think about it. So if this can handle 4k gaming, for the price range it might be worth it. I am assuming it will be no more that $600.

Also for the 4k bit you talked about, the trailer mentioned that it would be true 4k.

Good god no, there will never "be a console that wins the war".
These will most likely be powered by the RX480, and beat out newer low end gaming rigs mostly due to optimization.
Put it this way; a console has to fit in a certain budget range with every other component squeezed into a small form factor. Given that a $700 graphics card paired with an i7 CPU is achieving around 40fps maxed at 4k in most games, there is no way that a console is going to fit:
A. Enough CPU power as to not bottleneck the graphics.
B. Enough budget headroom and size to even fit a 270mm $700 PCI-E graphics card.
A PC can house the highest end components, and is essentially where all console components come from, give or take the custom OS installed by Microsoft and Sony.

The upcoming price/performance card the RX480 is most likely present in these consoles, due to the high performance (Between 970 and 980) in a very cheap package, estimated at $200.
When you say "Could this really be a console that wins the war?" that's simply not a reality as of yet. Give it another 5 years or so and I'd say 40fps on consoles at native 4k could certainly be possible, but then there is always going to be that budget limitation, and it may be a while before we see this happen, especially given we don't know the performance yields of the smaller processes quite yet.

I can safely tell you 100% that this console generation will be 1080p upscaled to 4k, meaning that it will support play on 4k TVs and playing of 4k content, just upscaled. See here for a definition: http://www.makeuseof.com/tag/upscaling-how-does-it-work-and-is-it-worth-it/

Just remember to always keep in mind, that consoles are essentially budgeted boxes made of small form factor PC parts, so it is virtually impossible for them to ever beat PCs, most of the claims will always be VERY specific in terms of wording. Welcome to marketing!

While as turkey scratch says, TFLOPS is not always indicative of direct performance, it certainly gives an idea of the general range in which the device will be placed, and 6 TFLOPS is nowhere near enough to power 4k resolutions at playable frame rates.

Let me put it this way; if AMD had say custom manufactured this wonder GPU that could provide playable frame rates at 4k given the budget constraints faced by consoles and the limited form factor, they would have publicly announced it by now at the very least and most likely put it to sale as soon as it was ready.
PC graphics cards which wouldn't even fit in a console still cost $700 to get playable 4k frame rates with a single card.

You simply have to accept that true 4k gaming on consoles is simply impossible at the moment, hell, its barely even viable on PC unless you're willing to shell out upwards of $2000. Microsoft's statement directly was: "specifically to lead the industry into a future in which true 4K gaming and high-fidelity VR are the standard, not an exception."
TO LEAD the industry into true 4k gaming as a standard, not to give it to you on a silver platter now for less than $500 USD.

Say these new consoles launch at a generous $450 USD right?
Microsoft have to account for shipping costs, manufacturing costs, labor costs, legal licensing costs, OS, and many more factors.
So what budget would you allocate to graphics? Exactly.
Custom manufacturing components isn't exactly guaranteed for consoles, and especially given the speculated performance, which sits RIGHT IN THE RANGE of the RX480 its more than likely that this is the chip used. If not it will be something that is a smaller form factor with similar performance, as AMD like to optimize DX12 games which Microsoft are also focused on bringing in over the next few years.

Just remember that just because something may be custom manufactured, it doesn't mean that it will be better than something that is already in production and existing.

This is also a concept which has been discussed VERY speculatively over the past few months, and the respective heads only confirmed their stances recently, meaning that they can't possibly have been collaborating with AMD over such a venture for that long given that this was not exactly a planned release years ahead.
An existing technology which sports excellent price for performance such as the RX480 is the perfect fit for this.

Oh, no absolutely, this will be a huge step for consoles.
I had a 360 and a PS3 myself and absolutely adored exclusives like the Uncharted games and Halo, but I simply couldn't see myself buying a next gen console nowadays exclusively for titles like Uncharted 4 and Guardians. Truth be told there aren't many good exclusives out on consoles today that warrant buying one (unless you can't afford to buy a PC!) when most are now available on Steam to enjoy at 1440p 144hz!
But yeah, definitely a good step up in quality and framerate.
I suspect that most devs will aim for a solid 60fps 1080p experience on the new consoles, followed by 1440p (hopefully) with the next generation.

I rewrote this quickly after my page refreshed and I lost my paragraph response, so sorry if it seems rushed!