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As a gamer I prefer Sony's approach to exclusive content due to the fact that their 1st/2nd party studios generate many of my favorite titles. From a business perspective, Microsoft's approach has been extremely effective in preventing Sony from repeating the success of the PS2. The big problem with relying on exclusive 3rd party support is that it only works while you are more popular. If Microsoft make mistakes or launch late next gen they could find themselves in the same place Sony is with the PS3 but without adequate 1st party development to buoy their next console.