The way I see it are MS are ready to try and do what Sony did with DVD (PS2) and Bluray (PS3), but from a streaming perspective.
I think the Xbox was always intended to be a media box and I think next gen we will really see that come together.
They have almost exclusivley focussed on this area the last few years of the 360 life span at the expense of adding exclusive titles or securing new franchises.
For better or worse, they have saved a lot of cash by taking this stance (not great for the gamer obviously).
Now, to me that means on of 2 things:
1. MS have got to a point they don't care so much for new franchises aslong as they have games like COD with timed exclusive deals.
2. They have new IP's but are saving them for 720.
I think it's maybe a bit of both. I think MS has bargined a lot on trying to control your media, either thay have timed it just right or it may come back to bite them.
If this is the main focus, I think they have done a pretty good job of building infrastructure and not completly ignoring Kinect like Sony have done with move.
I think as much as I hate it, Kinect will be loved by the advertising companies, especially if it's linked into the media features of Next Box and Smartglass.
Now, wether gamers like the sound of this or not, you have to remember, we are not the core demographic anymore from a marketting perspective.
At home, i'm currently using an XBMC media PC linked up wirelessly linked to my iPad. It is a a perfect media streaming device, basically doing what Smartglass and next box is hoping to do.
If this gets into the mainstream, MS will kill next gen as it's such a nice way to use and organise media. It provides film posters, links to actor's info, trailers, youtube. It really ties it altogether.
Unfortunatly, games don't really focus in that approach so maybe Sony and Nintendo can clean up there.
Question is, will it be too late? Has the landscape changed too much for Uncharted 4 etc to be relevant or be so popular it carries the brand on it's own.
Im not sure about this, Sony clearly has the most exclusives in the last 2 years, but is it absolutly killing the competition? The answer is no.
Saying this, im sure Sony are looking into an all in one media solution, and various patents and leaks suggest they are just as happy seeking advertising and other forms of revenue, again, it's business.
The question is, have they been focussing on games and exclusives (sounds crazy to be saying this as it's great for gamers), over building a very strong online and media infrastructure?
I think Miiverse is incredibly clever as I noticed the other day, by posting certain things on Miiverse or drawing pictures, im effectivaly doing 'free' advertising for Nintendo! ;)
It's very subliminal but advertising none the less. Once Miiverse is linked in with youtube etc... I think it'll maybe strike the best balance of corperate advertising and personnal contributions.
If for example Sony and MS both go balls in with their own all in one package (which one can only assume they will), Nintendo again is left nicely in the open with a cheap console while offering great selling exclusives. Again, they may come off better by not taking part in a battle they can not win.
This leaves Sony and MS to battle it out for your living room and only one can come out on top in that respect. At the moment, i'm inclined to go with MS over Sony based on how hard it's tried to tie in:
Windows Phone / Tablets
Subscriptions based business models
Mind you, I haven't factored Apple or Steam into this, although I would think they would again prove difficult times by splitting the market!
Fun times are ahead, may well just stick with Wii U! ;)