I'd fully expect them to be Xbox brand exclusive now.

But I'd also fully expect Xbox Game Pass to eventually make its way to competing platforms.

How is this different to Sony's acquisitions? No sunset Overdrive 2 for me?

Probably, mostly, like Minecraft.  Microsoft's main strategy, for everything (cloud, windows, surface, xbox) has been, whatever gets the consumers.

It very well could be that certain IPs will remain open to all platforms, with some nuance like, timed exclusives or bonuses on the XBOX/PC platforms.  We shall see. 

This is pretty huge.  Fallout and Elder Scrolls is right up there with Final Fantasy for me in terms of games that define if I am going to be invested in a platform.  If a Fallout or Elder Scrolls were to become XBOX only (on the console side) I would have no choice but to get an XBoxSX.  In contrast the _only_ series that ever had me invested in the XBOX ecosystem was Halo. I got the XBONE because my friend gifted me The Master Chief Collection.

Will read the defenses that Zenimax needed the money and that it is a good move unless it was made by Sony.

OP itself, I don`t play Bethesda games so even if all their games become first party I won`t miss a thing. Hope under MS they stop launching so much bug ridden games. And for the money paid I would say this is a much better purchase than Minecraft.

Gigantic megaton that has started the acquisition wars!

This is an incredible move from MS. And it signifies something no one has mentioned yet and that goes beyond the acquisition itself; it shows that MS more centrally have once regained their faith in the games and gaming segment of the MS conglomerate, after many years of doubts and several central units wanting to axe the entire Xbox division.

Nice move, MS, nice move. The only way for them to gain marketshare and relevance is by sheer force and determination, now they could even partly cover one of their greatest weaknesses; lack of appealing exclusives. This is sure to reignite favor from both Xbox fans, investors, and developers in the long run.

How is this future different from how the console market is right now and always has been?

Hopefully MS helps Bethesda to fix bugs and glitches.

Even if they are exclusive you don’t need an xbox to play them as MS will of course release them on PC as well.

Can you say the same about Sony?

Aside from Deathloop and Ghostwire Tokyo, I don't see Microsoft releasing the upcoming Fallout, Elder Scrolls, or Doom on the PS5.