They do play around for marketing and pr reasons but if you look for the actual context, what they really meant is the consoles are "capable" of rendering 8K resolution (ps1 graphics maybe) and the frame rate 120fps is for instance to show the capabilities of the CPU as previous gen was mainly held back by the mobile low powered CPU.
Aside from the above, no AAA will be at 8K nore 120fps. For instance Okami on PS3 was rendered internally at
4K and then downsampled to 1080p
Remember when Ken said PS3 is capable of rendering 240fps?