I think they did a pretty good job to manage expectations this time. First, there were no real hard numbers given, other than 8, x86 cores, and 8 GB of unified GDDR5 RAM. They didn't even mention the CPUs are AMD (which they are), or the clock speed. The said the GPU, is in the CPU core (or combined APU as they call it), and does 2.3 TFLOPS (I think that was the number quickly quoted), so it's a mid-range AMD part too.
I followed some games journalists on Twitter as the show was going on. This year's Killzone demo was met with, "that'd be impressive if it was four years ago." So no unrealistic expectations there either. The only tech demo that looked pretty advanced was the one from Quantic Dream, but that's how all their stuff is, and they're expected to fail to deliver by this point. David Cage has a lot of vision, but not much to back it up.
Heck, they didn't even show the physical hardware or much of the UI. The whole thing was more of "hey, the PS4 is coming," than anything else.
Pioneer VSX-1018AH-K, PDP-5020FD, DV-79AVi
Axiom M22s, VP150, QS8s
Sony PS3, surround backs