It has 16 times as much RAM actually.
Personally, I think the PS4 sounds great, better than the rumoured new XBox. I'll be interested to see if the rumoured specs for the Xbox are true - the specs leaked in April for the PS4 were completely wrong, but the specs leaked in January were spot on except for the RAM, which apparently was the last minute change.
I dont think Microsoft has done a good job with the memory system in its new console. But we will see how accurate the rumours are.
EDIT: To clarify, the PS4 has 8GB of unified GDDR5 offering 176GB/s of bandwidth. The Xbox Next apparently has 8GB of DDR3 with about 68 GB/s of bandwidth, and 32MB of ESRAM with just over 100 GB/s of bandwidth. Those two memory pools can be used in parallel, giving the right bit of code access to 170 GB/s of bandwidth. Of course, most of that bandwidth is coming from the 32MB, which is 3.2 times larger than the 360's EDRAM, but if you ask me, too small by today's standards.
It also means that, at the best case, and with special conditions, an XBox Next developer can get 170 GB/s of bandwidth. However, the PS4, without any special conditions, can get 176, albeit with slightly higher latency. And that is for the entire memory pool of 8GB, not just 32MB.
My guess would be Microsoft went this route to save money, so that they can bundle a Kinect sensor with every new Xbox. I'll take the PS4 any day, over that.
<- Current Xbox 360 owner.