Not powerful enough for a full next gen and also can be based on the same games as current gen 

I don't buy that Microsoft is going to go from 900p and losing frames to stable 4K. I just don't. The hardware seems nice, but I think we're still a few years away.

Yeah, I think both suck either way.

So, just not a fan of Xbox?

So basically what everyone is telling me is if it gets it's own games (not present on Xbone/s) it will be considered a new gen console. I personally think this is not even a question. It will eventually get its own games. It would be incredibly stupid for them NOT to do it, and watch Sony lap all three of their consoles. But if people want to wait for it to happen, that's fine.

3 and 4 years in and it's still getting PS4 games.

From a hardware stand point I would say it is very much next-gen (it is a big step up from Xbox One). However, as of now, from a software stand point it is not, since all of its games will run on One/One S. Moreover, it is certainly not next-gen with regards to how MS is marketing (it is essentially being marketed as a premium XOne).

With that being said though, I believe what we consider to be generational upgrades are changing (at least with regards to XOne and PS4; I am not quite sure with Nintendo, but maybe this will also apply to them if platforms succeeding the Switch keep the same basic hardware/software architecture much like they did with the hardware in GC-Wii U). With PS4 and Xbox One adopting more PC-like hardware, I think it will be a good decade or two (maybe even more) before we get another wave of consoles that do a complete architectural reset with regards to software and hardware; this is a departure from previous generations, where every generational leap resulted in a completely new hardware and software architecture. From now on I can see Sony and MS (and potentially Nintendo if they keep the same architecture as on Switch and not do a reset with their next system) create a new system every 3-5 years that evolves aspects of the architecture but is fully backwards compatible and previous systems are forwards compatible with it, at least for a while; then when a new revision arrives 3-5 years later the revision before last is left behind with regards to forward compatibility. For example, right now all games will be compatible with both Xbox One S and Scorpio (with One S being the base target system); however, in 3-5 years time MS will make a successor to Scorpio, which will result in the discontinuation of One/One S (both with regards to software support and hardware) and Scorpio will take the role of One S as being the base system for targeted software. If my prediction is correct, then Scorpio will eventually become the generational successor to One S.

no

Not sure what makes it that way, but you seem convinced.

I think Microsoft was clear by stating there is no more generations for them. This will help developers out in the long run so that way no one starts back at zero.