Arbitrary computation is also, afaik, not well defined.
edit: After putting some thought into this, I feel like the idea is: Circuits can perform arbitrary computations on a limited size input, but not on an arbitrary size input. Loops are not a problem, as they are an implementation detail. Unbounded output is not possible on a touring machine that halts for all inputs of size s limited by some constant. There exists a circuit that would compute the same thing, as you can take the (binary encoded) results of the touring machine and just create a truth table from that, which describes a circuit. Circuits are interesting because they are usually limited in size.