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Last gen it was fairly close with PS3 getting shitty ports early on and  few others. Wxclusives wise obviously PS3 was superior when dev used good use of spu's pm cell processor. PS3 has powerful cpu and underpower gpu. 360 was more balanced and dev friendly with a nice gpu for its time.

This time both are very similar except that PS4 has a considerable advantage right out of the box. Games like KZ:SF and Infamous SS would probably be a 720P game on Xbone. The gap is much bigger this time however the gfx are good on both so may be it may not matter too much for normal people. But there is no way they can sell Xbone same price as PS4. Just make no sense IMO. With a big power brick too. Microsoft really needs to hire proper engineers to make a cheaper console with integrated PSU or something.