I dont think its hype as much as price point. X1 will sell a ton once its $400 as well. PS3 sales went up quite a bit at that point as well as 360(the 60 or 120gb console, people didnt really want the arcade @400). The people buying 4 @$400 are likely the same group that bought the 3 at that point.
Even if the X1 was 400 it still wouldnt sell as much as the PS4. Maybe in the US, but not in europe.
If X1 isnt cheaper you can forget about european sales. Besides, now that the PS4 has a huge momentum, theres really little they can do to change the situation. As the proverbial says: The people have chosen. The PS4 is gonna be sold out all the way till the summer if not longer.
In Europe, it does look like we´re looking at another PS2 type situation.