I think this 8th gen will be more competitive for both companies as opposed to Sony clearly starting with a disadvantage with the PS3 (their fault).
Sony stepped up their game and seem more on track when it comes to social features (not the apps but the uploading, streaming, and watching/playing other friends games is very cool).
The Hardware is fairly powerful and apparently extremely easy to develop for, developers have been praising the thing nonstop.
Sony won't be launching an entire year after Microsoft this gen
There is still E3 left to surprise us with a new Uncharted, GT, or hopefully Last Guardian/Versus 13 (If Square was serious when they said "please be excited for E3".
Basically I think Microsoft can't capitalize on the Mistakes Sony made with the PS3, because Sony isn't making those mistakes anymore. I see this gen playing out much more evenly instead of Sony trying to play catch up with stuff. I think it will be a fun gen for both parties :D
The one thing I think there is cause to be concerned for is how much the PS4 will cost, that will play a very big factor.
