MS see things with only a business point of view (even more than the other two), even if Phil Spencer "is a gamer".
Why would you risk money and investments when you can just buy something successful? Why would you develop your own studios with risky new IPs when you can turn Black Tusk Studio into a "Gears of War factory" (=easy money factory)? Why would you support something like The Last Guardian, Bayonetta or Dreams, which cost money and won't sell by millions easily?
MS doesn't take risks : Halo, Forza, Fable, Gears, a few big IPs moneyhats, and nice and innovative smaller and cheaper games. Nintendo (mostly) and Sony have a "gamers culture" more than MS IMO (for now), and will make more niche games, take more risks with new IPs, and trust their studios more (and invest more in their studios). MS still need to learn how to do that.
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