To me MS just acquired 3 studios.
PGG - they are expanding this one so they can work on FH and other open world rpg (Fable?). We are going to see great things here.
The initiative - the hype on this one is big, AAAA games is a bold call, i hope they can deliver.
NT - they are small, but damn they can make good games whit small budget! These guys will deliver good games, just don't know if we are going to see big games every 3-4 years or 1-2 mid tier games, short development time, that will that will be tauted as AAA games. The games are going to be good, that for sure.
The other 2... cannon fodder.... They are only good for "list wars" and "pissing contests", but... this can change, i think...
Anyway, this is a step in the correct direction. They are still well behind Sony, but they sure got closer, i mean... they almost 2x their current number os studios, right?