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I expect developer laziness plays a far larger roll in this stuff than any kind of actual "parity clause".

That said, i wouldn't be surprised if MS sometimes provide developers with extra resources (whether that be money or, as we know they sometimes do, their own people) to justify pushing the X1 version up to the PS4's standards. That, unlike paying them to downgrade the PS4 version, would actually be legal :p

It's a relatively short term plan (becomes useless once the X1 is functionally "maxed"), but i can't see anything inherently wrong with it, providing they never put less effort into the PS4 version than they otherwise would have.