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I don't think it is, it has sold 8 million in its first full CY, and even though that number is dwarfed by the PS4, it's still a good first year of sales and they didn't really do all that much to make it move until the latter half of the year.
I think the One is doing quite well, all things considered and it can only go up from here.
Of course; we now need to cue the users who will cite short-term economic gain as the main reason why it is not a success either...