The Xbox One S already does HDR, and all PS4s (as of next week) will be as of next week. Additionally, the Xbone S already does 4K upscale. The PS4 Pro will probably do better than 1080p...probably 1440p...and upscale to 4K from there, since they're saying framerates won't suffer. It may well do 4K in spurts, but it'll have to be piecemeal, like with static to very slow scenes or backgrounds. 4K upscaling looks pretty good and generally better than 1080p (depending on the hardware...it's one reason I got a Samsung TV), just not as good as native 4K.
When I built my media server in 2013, I built it to handle gaming pretty well...the main title I played on it was that year's Tomb Raider, and the PS3 version I had up until then was a pale reflection of the PC version. But I hate playing at my computer. When I upgraded video cards last year (from a Radeon something or other to a GeForce 970), I was able to mirror it to another PC on the same network, meaning I could play PC games on my Atari HTPC without lag. But the quality wasn't as great, which defeated the purpose. Plus, the big game I played on it was Arkham Knight, which had major issues on PC; granted, I didn't have most of those issues, but the console versions were superior from everything I saw, which soured me. PC gaming is the red-headed stepchild of the industry, and I was in the wrong place as I don't have the patience to wait for people to get their act together, update hardware periodically for maximum effect (which annoys me about the way consoles are headed...make them modular with replaceable subsystems and peripheals, but wholesale changes are for the birds), and be restricted to the back room all the while.
I think Microsoft is moving towards platform integration based on the current dual availability and the early upgrade via Scorpio. Xbone already basically runs Windows, so it makes perfect sense for Scorpio to essentially be a wholly PC-compatible console. Convergence is on their calendar.
