Ok then, the question is, "How will this affect the game content released overall which runs fine on the other two vastly superior pieces of hardware?". I would say the content released will represent what the lowest common denominator - as you put it - is capable of.
It should also be noted that, there would always BE a lowest common denominator, even if support for the PS3 was dropped. Not that you want that of course! It should also be noted that you cannot accurately refer to PS4 and PC as 'two vastly superior pieces of hardware', as one of those is not a set piece of hardware.
