The PS3 client was memory limited from day one, remember how segments of the UI needed to be cut out to get the minimal TP bars in? PS3 memory limitation right there. Don't believe me? Note how we got all these new UI elements right as the PS3 support got cut. The CPU and GPU weren't an issue, it was entirely down to that trifling 256+256mb rambus ram configuration not playing nice in a game where you can't tightly control and predict assets.
Standing in Kugane by the market board at max settings sees my PC using just over 1GB of ram, lets be super crazy generous and set aside another 1GB for the GPU for this and we've still got at least another 1GB sat free on our imaginary Switch client.
TLDR: The switch won't be anything like the boat anchor the PS3 client was and personally I'd love to see FFXIV get ported over to it.