That's probably the right call. Announce it now and it looks like a knee-jerk reaction. Wait a little while and it appears you're still on your own time-table.
I don't know that Microsoft should worry about the PS4 but in business you always need to stay a little bit concerned about what the competition is doing. More than that, though, they need to worry about turning Gold into a better value and fixing their relationships with the indie developer community. Microsoft's biggest enemy might turn out to be their own arrogance. Both Sony and Microsoft had quite a few problems with their last hardware/networking products; Sony looks like they've fixed most of that, so it's Microsoft's turn at bat and they'd better be swinging for the fences.
