The lowest common denominator would be the PC minimum requirements, not consoles.
This isn't what that means - a console can beat a "lowest power PC" - the problem here is that the HIGHEST graphical ability this game can achieve is NOT equivalent to even a halfway decent "gaming rig". Most reviews I've read say that a rig which was already a year or two old at time of launch would run max settings no problems.
I'm certain it's been confirmed somewhere that the game was made to cater for legacy machines,
LEGACY machines, when the game was launched. So it already had a lower than average "lowest requirement" at launch.
My GTX 770 (not even a TI) has more power than the xbone by a factor of x2.5 - two and a half times more power, and the 770 is almost three years old now.
The closest equivalent of PC GPU to the Xbone's GPU - available now, is the GT1030 - that costs a whopping.... £65.
The oldest legacy GPU I can find with the same power as the Xbone is a GT280 - released in 2011 - it was already three years old when the game was launched.
Just in case it's unclear - Elite Dangerous is sold for the XB one.
Thus - it's the Xbone console processing ability that the game has to be throttled to as the "lowest setting" - which also therefore determines the "highest" settings, because it was also hinted by many that Microsoft has some sort of deal going on that the game couldn't "look like sh*t" on the xbone compared to the PS4 or worse still the average PC gaming rigs, let alone the top 5% machines, (which most streamers use) and if you think MCsoft doesn't have that much power - you're deluded - FDev will need MCsoft approval to sell games for thier console.
That pretty much tells you everything you need to know.
I would be extremely interested in finding out what the LOWEST PC GPU is that you need to have all maxed out settings and 60fps in the native resolution of the xbone which is 1980 x 1080.
Edit - I've just read that the Xbone has several features turned off that are available on the PC version.
2nd edit - I've just made a coffee and had a rather interesting thought.... I wonder, if such a deal had been struck with MCsoft to downgrade the quality from what was seen before the game went live for xbone, the beigification - but was limited to say two years - by then most xbone sales would have happened, at least the full price ones, MCsoft would have made it's money on the deal, so after two years FDev was "released" from those graphical restrictions, and.... voila the beigification gets "fixed". (sometime in q4) which would make the timing quite... coincedentally remarkable.