To be honest I think it will be very hard for Ps4 to compete against Next-box, it won't be like Ps3 vs 360 again.
-Sony probably can't afford to sell consoles on loss while M$ can still do it, this means M$ could sell a better hardware for the same price, or they could sell the same hardware for a lower price.
-M$ with (possibly) integrated kinect can cater to casual audiences, the Ps4 would need something new and innovative since the PSmove bombed.
-With smartglass and possible windows8 integration, the XB will be a complete browsing / social / multimedia device. (Sony could compete integrating android thought)
-M$ already has the strongest offer of online services, and it can only get better in the future.
-In terms of exclusives the Ps3 has more variety but only a Uncharted, GT and God of War are really big, also GT is in decline in terms of sales, Halo has become bigger one by now.
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