http://vrworld.com/2016/05/11/amd-confirms-sony-playstation-neo-based-zen-polaris/
Jaguar was discontinued in 2014, there is no way they would use Jaguar with Polaris.
Actually the PS4's GPU isn't fine, the CPU is actually a bit of a beast and people tend to underestimate its potential, the new one will be a massive leap forward and at least twice as capable. The PS4 GPU however is comparable to an AMD R7 265 in performance, it is very capable but definitely the bottleneck. Again the new one will be at least twice as capable.
I know people look at the numbers and think the CPU is slow and therefore not so great but I'm guessing those people have never tried to underclock their CPU. In my experience CPU's don't scale in a linear manner and they still run incredibly well at lower clocks but produce much less heat and keep in mind the consoles both have 8 cores in a system where developers can easily use them to at least the full potential of the weaker console. In benchmarking of the PS4 CPU it performed astonishingly well and I'm certain it isn't the issue in trying to achieve 60fps but the numbers they are getting out of the GPU are a credit to the developer.
Speaking of graphic fidelity, that is not determined by the GPU, it is dictated by the GPU but it is determined by the developer and settings, the GPU just has to try to draw what it is told as fast as possible and its ability to do that is reflected in fps.