When you look at the advantages 360 had over PS3 for much of the generation:

Superior Multiplats

Lower Price

Better controller

Faster Installs

Party Chat

Now this generation with PS4 and Xbox One.... 

PS4 has superior multiplats, equal if not better controller, way faster installs than Xbox One, and a better Party Chat as well. 

Oh, and this time around it's actually cheaper than Xbox, which was never the case with PS3 and 360.

Yes, but Xbox One still has other advantages, Kinect is better than PS Eye, more multimedia features, better launch titles.

Better Online Network

Edit: I agree with the guy below that "PS4 is the superior machine".

As a X1 fan, I can't deny PS4 is the superior machine.

However, X1 still won me on games. Some advantages are subjective.

Pretty much. 

It still has the "gaming console for people who really, really like TV" advantage. It might also have the casual advantage but it's too soon to determine if Kinect is still a draw or not. I'm interested to see how Kinect games sell.

Launch titles mean nothing. I refuse to believe that anyone seriously buys a console primarily on the weight of launch titles.

Microsoft's biggest advantage is that a lot of people feel invested in Xbox Live because of achievements, friends lists, and that gaming score thing. That alone will bring back a lot of people. The same is true for Sony, too, of course, though Nintendo hasn't really understood how valuable that is yet.

I would not say all advantage. The Xbox360 made sure they had the US in their pockets and have created loyal fans. Some damage were done but the Xbox One is doing a lot better than I though they would. I see Sony dominating this gen on the PS4 but I also see the Xbox One being successful in the US, in Europe not so much.
It's not that MS is doing a bad job with the Xbox One, it's more like PS4 is doing a very amazing job, outselling the Xbox One, and selling out WW with not a very strong line up you would say.

Yes. It says a lot that Xbox lost its two biggest markets to the PS4, USA and UK.

not for long

Last time I checked Halo is still exclusive.