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so far we know the Wii U has the following features:

motion controls
HD graphics
core games and casual games
innovative tablet controller/gamepad
entertainment options
online service with social networking

basically what Sony/MS have to do is to trump what the Wii U is offering in terms of features, realistically for Sony this means Blu-Ray/Next Gen Blu-Ray and keeping hold of exclusives, for MS it's primarily about making sure Live remains the best Online service out there and again keeping hold of exclusives, the other both Sony and MS should consider is pricing, realistically they need to price their new consoles competitively with the Wii U, the U is launching at £250-£300 in the UK, so MS/Sony shouldn't be looking at a launch price of more than £350 for their machines or they lose a ton of market share, not to mention the PS3's early sales lagged behind because of it's £300+ price point, given that I would think a launch price for PS4/X720 of about £300 with perhaps like the U a more basic console for less.