Supercharged! They strapped a big air intake on the front?
PCI-E 3 gives you about 15 GB/sec in bandwidth. 176GB/sec is far ahead of that, sure. However! How many PC applications really are bothered by this, especially 3D games? How much does RAM access really slow down MAME, especially on CPUs with massive caches?
I'd like to see more general computing functions move close to the GPU for many devices, sure, and I'd like PCs to be greatly refined in this area.
Of course, 176GB/sec is already far below what's seen on even slightly older GPUs now. It is interesting and laudable if they can achieve that for a CPU, given how bad the situation appears on PCs.
That might not be the point, however; Johnathon Swift / Karl E, in the comments, point out some interesting things. I also notice that GPU onboard RAM hasn't been increased appreciably over the last few years - although people tell you they always can use more RAM, it's starting to look a bit like the situation with hard drives stuck at 64MB at most for an onboard buffer, and people routinely say in video card reviews that the extra RAM isn't making a difference for games except at higher resolutions (beyond 1080p). But I don't know what a console's supposed to do otherwise in order to stay relevant for the next 10 years, anyway. PS4 will probably just end up being easier to emulate someday...on a PC, of course. It would definitely be nice if the PC folks got together and found a way to improve the "closeness" of the components on a PC, but you will still be able to beat the crap outta a PS4 with a PC soon, if not immediately, and new components just make this even better.
I guess this is where consoles were destined to head, anyway: Little boxes keeping as much precomputed as possible so they don't have to do a lot of heavy lifting in real time.
It'll be interesting to see if Microsoft ends up getting this right, too.
