Microsoft have several problems with the Xbox One:
1) It's less powerful than the PS4 and the same price, until recently it was less powerful and more expensive.
2) Partly as a result of number 1) I believe that a great deal of people opted to get a PS4 instead of an Xbox One at launch. I've certainly seen loads of people on gaming forums stating this.
3) The Xbox One still hasn't recovered from the always online/DRM fiasco that caused a shedload of bad publicity before launch.
4) 1 year's PSN subscription before both consoles launched was seen as better value than 1 year's Live Gold subscription. Microsoft have attempted to redress the balance somewhat but I think it's too little, too late.
5) People that have already bought a PS4 are unlikely to be paying out for 2 online subscription services (imo).
I just don't think people see the VALUE in buying an Xbox One compared to a PS4. And the MCC and Halo 5 isn't going to change people's perception of the value of each console.
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