Let's face it, outside of the hardcore gamers and early adopters, neither PS4 nor XB1 has enough must have titles to jump on the next gen console train. For those of us who have a high-end PC too, it's even harder to justify since almost all cross-platform games are an automatic buy on the PC since they run faster, have better graphics, and cost far less on Origin/Steam, etc. At the same time a lot of my friends with PS3/360s are content buying cross-platform on their consoles as they don't see enough reason to spend $400 to play a high resolution version of the next AC or COD game. I guess they are not hardcore enough ;)
Given the ridiculous amount of games that can now be purchased on Steam's Summer and Fall/Winter sales, the consoles must have out of this world amazing exclusives to consider dropping $400/$800 to buy them. And unfortunately there are no must have exclusives for either console as of yet and even when they will come out, we will only get 1-2 (Destiny?) but a lot of people would want 4-5 before seriously considering spending $400 on a console + $50x 5 games. I know there is a hardcore group of gamers who wait for the next Halo/Gears or Gran Turismo/Uncharted and those next gen titles are way out (2015 at the earliest).
I think a lot of people will probably wait another 1-2 years before PS4/XB1 pumps the drive to 1TB and/or drop in the price to $349 and and 2nd revision of the consoles with APU shrunk to 20nm (or maybe even 16nm FinFET) comes out (this is what will make the console use less power and cost less). That 500GB hard drive is somewhat too small for the useful life of PS4/XB1; and XB1's isn't even upgradebable. Many gamers seem to be interested in purchasing digital copies of the games and this may be a factor for some.
Obviously the non-PC gamers and those with PS3/360 consoles may jump to PS4/XB1 this holiday season but I actually think 2015 will really be the year when PS4/XB1 will have a stronger library and by Holiday 2015 we should see a lot of those who held out buying those consoles. I expect price drops by Holiday 2015 as well which will only entice this group of gamers who held out from buying in the first 2 years of adoption. Generally speaking early adopters and hardcore gamers want to have the latest toy but in a lot of the world a $400 console + $50-60 games is still too expensive for many to justify without having a ton of must have titles to play on it (esp. exclusives).
