All this talk about games is just subjective. both consoles have and will have their games. PS4 just has a better looking first quarter.
What it all boils down to is price.
Two things we know; XB1 cannot compete with the PS4 being more expensive. XB1 cannot compete with the PS4 being at the same price. it doesn't just have to be cheaper, but has to be a lot cheaper.
What we don't know; how will XB1 sales be compared to the PS4 at $350 without a bundled game? how long will it take for ms to make that $50 price drop official? how good of a position is Sony in to drop price by $50/$100 at the end of this year?
For me, its simple for ms if they wanna win north america, they need to be considerably cheaper than PS4, and I mean $50 less with a free game or $100 less than whatever the PS4 costs without a game. This price yoyoing ms is doing though is damaging consumer perception of the XB1. At $400, people are more likely to wait for an expected price drop. its kinda like how most people wait till the end of the year before they but TVs. You just know you will get a better deal.
PS4 standing firm at its launch price sends a message. "if you want one, you might as well just pick it up now. cause its likely not gonna get cheaper down the road. Yea, come Xmas we may give you a $50 discount by bundling a game. but you will still be paying $400". As opposed to the message you are getting with XB1, "why buy now when if you wait till the end of the year we will sell it to you for $330 with two free games and maybe even a $50 gift card. that's like you buying it for $200 flat and getting 2 games and a $50 coupon for $130"
Those holiday only deals will end up doing more harm for them than good. They are basically putting themselves in a position where the only people that buy the XB1 during the first 10 months are people that really really really want one and can't wait. it doesn't help that during those first 10 months they don't have anything to push those people into buying one. like right now, I just know that come the end of this year, I will be able to get an XB1 for at most $350 with halo 5, tomb raider or forza bundled in. so I literally have to be stupid to buy it now. And if ms drops the price to $350 on or before e3, then I will know all of the above will apply but starting at $300. so again, wait.