GDDR5 does have higher latency, but makes up for it through massive bandwidth. That's the trade off, but GPUs need memory bandwidth and don't care so much about latency, what's why GDDR memory was first developed. GPUs don't have problems with latency, the ram is going to operate at a much faster timings than the GPU anyway. In fact, DDR5 has come to the point where the flat out clock speeds of the ram have outweighed the inherent latency even in CPU tasks so you are starting to see GDDR5, so we are starting to see hints of GDDR5 taking over DDR3 as the enthusiast PC system ram of choice (of course, that's only until DDR4 starts popping up in a couple years, which would again see GDDR as video only memory).
So, yes, GDDR5 has higher latency, but makes up for that latency in bandwidth and clock speeds. Given the same CPU intensive task, something like video encoding or file compression, Xbone would probably eek out a win. PS4 doesn't do video encoding or compression on it's CPU though, they have a separate processor for those tasks.

but like I said I think this week's presentation caused a riff in the userbase M$ has and that's never a good thing to do.
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