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If MS can bring the Scorpio out at $399 then yes it has the chance to eat PS4 Pro's lunch.
It seems the sweet spot for consoles this gen is the $399 mark. I think MS should do this price even if it means selling at a loss, and they should release it earlier than the holiday timeframe.

August-September window would be better. I went into my college's bookstore in the tech section and saw quite a few people buying Xbox 1's and PS4's in there. That extra money people get with grants and loans make people do stupid crap.

This thing is going to need positive word of mouth from early adopters, and reviewers to build that hype up as a must buy holiday gift. It needs all these sites online to do the head to head comparison to the PS4 pro showing people that it is a safe buy in terms of the new Xbox ecosystem (including VR) and how it stacks up to the competition.