Nintendo wouldn't even have to lie to hype the revolution up - it would just have to stop saying things like, "We're not concerned with power, we're going in another direction, we're going to use power to make it more efficient and quiet, etc." and start saying things like, "We will have just as much power as the others, don't worry. On top of that, we'll have a smaller, quieter, more efficient system."
But it isn't saying stuff like that, so who knows? I hope Nintendo matches the others in graphical capabilities, but I won't die if it doesn't.
Edit 1: Thanks to KDR for straightening me out earlier.
Edit 2: I agree that being able to say you have the most powerful system does mean something to some people, and I do think Nintendo will see some losses if it's system is noticeably weaker than the other two. That's why I'd like to see the company aim for similar power to the other two, even though I don't care too much. If Nintendo could manage something like 80-90% of the performance of the others, I think most people would not be able to tell that it's weaker.