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In my mind the winner is the company that shows the most impressive upcoming exclusive titles. (bonus points if they are a surprise announcement)

Nintendo and Sony have the advantage of massive 1st party studios. It will be interesting to see what 3rd party exclusives Microsoft can secure to compete. The 2-1 software sales advantage for PS4 of recent multi-platform titles makes is all the more difficult (and expensive) for MS to keep titles away from PS4 in the future. Expect more indie exclusives, exclusive DLC, or timed exclusives for XBO.