Why yes... it is the same old x86 we run on our PC configurations, but that's just the instruction set we're talking about. Just look at the hardware and chip configuration, it's not a regular PC setup, they have some serious innovation going on there.
You've got 8GB of GDDR5 memory, plus a very modern, custom designed GPU embedded in the same CPU dye.
Sony has always launched systems that resist time, and I wouldn't be surprised if the PS4 stayed around for the next 4/5 years to come.