It was reported by Wired after an exclusive look at the X1.  Other than that I don't know if much has been said about it besides Microsoft bragging about 300,000 servers.

having 300 servers and dedicated servers for each game is much different. for me, dedicated serves for each game would finally starto to justify the 60+ yearly price point of xbox live

Please notify me on features I have missed and I will add them ASAP. Please notice it also says KEY-FEATURES.

Xbox Live (X1 Features)

$60 a year – Required for Online Multiplayer

300,000 Dedicated Servers - Every game on Xbox Live will have a dedicated server.  No host advantage, no lag, no rubber banding.

Smart-Match Making – Now match-making has become easy and can even be setup to preferences with similar skill-ranks, experience, or even age groups.  Are you tired of 13 year olds?  With smart Match Making you can make them disappear.

Smart-Reputation - Smart reputation allows reputation to be integral to Xbox Live.   It promotes good behavior.  If you are reported for good behavior you will consistently be matched against people with good behavior where as if you have a bad –behavior you will be matched with people who are a little fishy just like you.  Smart-Reputation also takes into consideration of people just being jealous of your skills and also looks into your individual stats too counter act jealous players reporting.  Every game has it's own reputation.

Cloud Computing - With Azure cloud computing  Xbox One games can be up to 40x as powerful as before.  Cloud computing is still being talked about as we do not know all the details and with recent DRM cancelations we are awaiting to see what has changed with Cloud Computing if any at all.  As of right now Microsoft has said it is still integral to Xbox Live members.

DVR – Games are now recordable on Xbox Live  and can be shared with friends.

Kinect 2.0 - Allows voice recognition, face recognition, heart pulse monitor, and even facial expressions

Twitch TV -  You can now stream your games online with the popular application by the name of Twitch TV.

Smart TV – Smart TV will make your overall TV experience much more enjoyable by allowing your Cable Box to be setup for voice recognition, multi-tasking, and internet browsing.

Smart Glass -   Smart Glass can be installed on any smart device to make your overall experience more in depth by offering content on your phone or tablet.

Multi-Tasking -  Multi-Tasking is now integral to Xbox Live.  You can play a game while it is being installed or updated or you can watch TV while playing a game.  

Impulse Triggers -  Xbox One controller now comes with rumble packs in each trigger to allow a more immersive game.  

Skype -  Skype has now been brought to Xbox Live as you can get three-way calls on Skype or even watch your opponent as you play against each other.

HDMI input -  You can plug HDMI into your X360 or Cable box.

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PS+ (PS4 Features)

$50 - Required for Online multiplayer.  Not required for Cross-gamechat, free to play, and other features and applications.

Galkai Streaming -  With Galkai streaming you can stream your PS3 games to the PS4.  This will offer a needed feature for backwards compatibility to the PS3.  We are unsure at this moment if you will need to pay to stream.

Free Games – PS+ number one feature is free games.  You will be paying $50 a year but in that time frame you will receive numerous games throughout the year that belongs to you as long as you continue to pay for PS+.  DriveClub is the first game officially announced to be free with PS+ on the PS4.

Share Button -  With the share button you can record gameplay on your PS4 and then share with your online friends.

Open-Network -  This open network has been bragged about by indie-developers and will allow for many indie games on the PS4 over the upcoming generation.

Game Streaming -  With PS+ and Galkai you will now be able to stream games to your friends online while you play your game.  They can even pick up the controller and play from what I understand.  This may be one of the coolest features from Galkai.

Mutlitasking -  PS+ also allows multitasking by being able to install your games and update by also playing the games while updating or installing rather than waiting to play.

Touchpad -  With the new PS4 controller you now have a touchpad in the middle of the controller.

Vita Remote Play -  On PS4 you will now be able to stream your games to the PSV making the PSV a great peripheral for the PS4.

PS Camera - As of this moment not much is known about the next generation  EyeToy.  

Cross-game discounts - Indie games or retail games, like Assassin's Creed IV, if you have that game on your PS3, you'll get a discount when you buy it on your PS4.

I thought it was confirmed that games will not be using those 300,000 servers as dedicated servers, so most games are still pvp.  I know this is the case with COD Ghost, and I thought this was the case with Titanfall.