They called Flash Storage "RAM", yeah, they know what they're talking about . Plus, having the same level GPU won't be enough to render 2 things at once even with better techniques, I know this is speculation, but some things they're talking about is wrong.
For one, Iwata has said the system won't be cheap, which is one of the thing's they base the article on (they think it'll be the same price as the Wii when it launched (yeah right), and second thing about Nintendo Never being ones to go into an arms race. Well they must have only come into home console gaming this generation then, because it's the only one where Nintendo has had the weakest console out there.
Plus, with new tech, it's pretty hard to make something as weak as the 360 without having a really cheap GPU.
I just hope people don't take this too seriously, I mean, I'm not expecting something extremely powerful, but it'll be beyond the current generation.