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While the idea sounds epic, it wont actually work well on paper. Both Sony and Xbox have very few characters that will actually be recognized. The Balancing of the game will be all over the place and unless they make it cross play on all platforms which we know not all companies want to play nice especially with a game carrying there mascots. It will be a huge mess.

Best thing they can do is that companies like Sony and Xbox can ask Nintendo to put there characters into Nintendo's game as DLC, or Sony and Xbox team up to make a Smash Brothers clone where it will be PS vs Xbox characters and the game is cross play between the two systems.