Both consoles are going to have Blu-Ray, with support for Single-Layer and Dual-layer, and higher-fidelity versions of their current motion control systems.
The X-Box 3 is going to have an 8-core 64-bit processor (assumedly an i7 or similar design) rated at 1.2 Teraflops. The PS4 will feature a 4-core 32-bit processor. XB3 will be using a GPU running support for DirectX 11, while the PS4 will be using an OpenGL 4 GPU. XB3 is specified to use 4 GB RAM, and the PS4 will be shipped with 2GB.
Specifications state that the PS4 will have *NO* hard drive by default, while the XB3 will come with a 500GB Hard Drive with 8GB of Flash memory. The XB3 will also have a 24/7 connectivity system which has not been entirely elaborated on, with coming support for cloud-based connectivity in 2015/2016.