I'm sorry but this rumor to me is bunk. You also have to realize that IBM did announce that Wii U is going to use a Power 7 variant processor (http://www.engadget.com/2011/06/07/ibm-puts-watsons-brains-in-nintendo-wii-u/ ) which is a couple of generations beyond the Xenon processor that the 360 has.
The rumor essentially says that the Wii U uses the same processor architecture as 360. 768MB - 1GB (as in bytes) of embedded DRAM is just crazy and crazy expensive, especially if its on the same die as the CPU. Wii has about 3MB of embedded DRAM and the 360 has 10MB. Maybe they ment 768Mb as in megabit rather than megabytes, but still 768Mb is rather high since that would equal 96MB (as in megabytes). I can probably see 32 - 64MB eDRAM max, but your guess is as good as mine.
Also the ATi part is just laughable since the ATi name is gone for a good while when AMD bought them and rebranded everything that was ATi to AMD.
I found one more thing not mentioned, these supposed specs are from March 2011, which is most likely underclocked specs. (seriously though, why doesn't PixlBit credit their sources, this article reads a lot like the Wii U Daily article http://wiiudaily.com/2011/12/wii-u-has-quad-core-3ghz-cpu-768-mb-of-ram/ but much more vague.)
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