Here's what I see.
I think that Sony released info about the PS4 too early, they jumped the gun.
If Microsoft is smart they'll split up the next Xbox announcement into at least 3 parts (some may overlap, that's fine).
My prediction:
1st, they'll release some tech/dev specific into about the next Xbox at GDC (end of March). This will set the stage for the hype.
2nd, they'll do their own next Xbox reveal in April at a specific Xbox event (which has been rumored already). This presentation will show off the actual hardware and new features of the next Xbox, and most likely show off their partnership with Youtube and Twitter for their social gaming tie-in (as opposed to Sony's uStream partnership). This show will be better than Sony's, it will include a wider variety of games, a more diverse group of presenters and a focus on both the hardcore crowd and the family crowd, emphasis on the hardcore crowd.
3rd, they'll have another huge presentation at E3 in June. This will probably overlap a lot of what is already known, but they'll show off a much wider variety of games and anything they kept up their sleeve until now.
Doing the above 3 things will keep momentum for the next Xbox going for several/many months in a row. By the time GDC comes around most of the hype will have already died off for the PS4, leaving room for the next Xbox to get the news media attention.
Anyway, that's just my thoughts on it.
EDIT: Oh and hello I'm new here. I've been a lurker of vgchartz for a long long time, finally wanted to get involved in the forums here. :)
