In order to beat PS5, in my opinion Xbox Series X needs to do all of the following:
1: Be 100% backwards compatible with the Xbox One. No ifs, no buts, not just a limited selection of games. You put the disc in and it runs period.
2: Beat the PS5 in price. They don't even need to beat it by that much, but selling the console for 450 or 400$ would be a great idea. A variation of this could be to sell the Xbox Series X at the same price as the discless PS5 (especially if the version with the disc drive happens to be a lot more expensive, like 100$ more instead of 50$) and to attack Sony on this point; essencially recycling the attacks from that conference where PS4 got announced.
3: Of course, a good selection of games as well, ideally exclusives. A console is nothing without great games.
If Microsoft does all of the above they would easily win over Sony in terms of the conference. They probably still would not win the generation because of inertia and Sony probably correcting their mistakes to counterattack, but they'd narrow the gap
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