Whats interesting is that Microsoft haven't really responded in any form what-so-ever. On top of this, there is an extensive amount of developer support for the PS4 being announced and hype is off the charts. And what people forget is that it's not like Sony has unloaded their guns, they are obviously saving a significant amount of ammo for E3 as well.
Whats troublesome for Microsoft, in my opinion, is that even with a strong E3 showing of the nextbox, all Sony seemingly has to do to stay ahead is just have a good E3, if Sony has a strong E3 as well, and drops some significant bombs in response to anything Microsoft announces, Microsoft just may be in some deep shit.
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