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If MS is willing and successful in making the XBox a service, you can also see the XBox as the entry level, (relatively) long term support, less expensive hardware for this service, which is not really a bad position. Also, entry level PC age extremely fast, lots of PC, and most laptop can't play newest games.
If we come to a situation were most PC games are ported to the XBox, it will increase the overall number of games and "exclusives" (relatively to the PS4).
Last, even if the XBox sales slow down, or even drop, hardware similar to the PS4 and integration in the PC service platform should guarantee 3rd party support. PS4 has a market share of 2:1, current sells at 3:1, the PC platform is one leverage MS has.