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GDDR5 is for video cards.
From Wikipedia,
"On June 25, 2008, AMD became the first company to ship products using GDDR5 memory with its Radeon HD 4870video card series."
So GDDR5 has been available and in use on PC video cards for 5 years. So it is far from new. GDDR6 should be available on PCs in 2014.
It seems like the PS4 will only have 1 set of RAM, shared between the CPU and video card. But this isn't new either. The interesting thing about the PS4 is that it is using video RAM for all the RAM, rather than also having normal DDR3 or DDR4. So the RAM should be pretty fast. But from past PC benchmarks faster main RAM doesn't have a huge impact on performance if you already have a good video card.
So while the PS4 might be better than a $500 PC on the day it is released. It won't be better than today's $1000 PC or next years $500 PC.
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