Xbox One / 10 will fail because...
No games. No seriously. Microsoft doesn't have anything to show us. They don't care about gaming at all. It took them 30 minutes to even mention games and gaming on Xbox One. And even when talking about games they just talked about their intentions. Microsoft only displayed three games on stage. And two of which were not even real gameplay but a prerendered video. Remedy's next game was sneak peeked and offered at least little bit of actual gameplay from an actual game. But then again the Microsoft caused a huge disappointment, a huge disappointment, among the fans of Remedy. Remedy's core audience consists mostly if not only Windows-PC gamers. There's just no way they can make their game exclusive and get away with it. Alan Wake was released for Windows too and so will this Quantum thing. We just have to wait during which Microsoft will do their best to promote the game as Xbox exclusive title. Nobody will buy a device based on a single title.
DRM - The Game Console. There's some trick going to be involved regarding selling and buying used games. What that trick is we don't know yet. But EA dropping their online pass was probably something they did in preparation for this. Microsoft spesifically says that buying used games is possible but ther aren't "disclosing more information about this at the moment" which is very suspicious. At least Microsoft's officials confirmed that you can go to a friend's house with the game, and once you've logged in with your own account and installed the game then you guys can play the game. Microsoft is not going to ask a fee for additional installs of game unlike the various sources reported. However Microsoft didn't confirm if the accounts which are associated with the device ID of the device your game is initially registered with can also run the game without asking you to login to your account first. Technically this could mean that not all the family members can even launch the game. Microsoft also essentially admits that you cannot borrow a game from your friend. Probably the most essential aspect of the closed gaming platforms and now you just cannot do it anymore. This is going to cribble Xbox One so badly that we can essentially already make the call that Xbox One will be the loser of the upcoming generation.
Always on-line not required but for all pratical purposes it has to be always on-line. If you buy a new game from a shop, you will not be able to play it unless the first time you play it you're connected to the internet so that the game's content ID can be registered with your account ID. Game developers and publishers are given tools to enable always on-line for their games. Xbox One games don't have to be constantly on-line, but if for example the publisher decides that the game has to be always online to function, then they are able to do it. Which is pretty much line with Microsoft's alignment with region-locked content. Game developer and publisher are given choise to region-lock their game if they so want.
Xbox One is made by Americans for Americans. The TV stuff only works in the USA. The content services tied to the Xbox One only work in USA. And most of the functionality Microsoft spoke of will only work in USA. This will restrict the sales of the new Xbox dramatically.
Every game is installed into the HDD in the name of "progress". Xbox One has an HDD users cannot replace. But Microsoft offers two USB 3.0 ports which you can plug-in external HDD and at least Microsoft claims that users can use the external HDD just like the internal e.g. installing the games, profile management, etc.
Kinect is a requirement. This is not just creepy but probably a outright violation of digital rights. First of all Kinect will always be monitoring the room for "Xbox on" command. Even when it seemingly is not powered. Since we know that the device's user agreement will contain something alone the lines of "submitting audio samples to microsoft for improving the service quality" the thing stinks already. Call me a tinfoilhat person but that's out right ridiculous if you can't operate the device without Kinect like they claimed during the presentation.
No backwards compability with Xbox, Xbox 360, and Xbox Live Arcade games. I think that deserves an archievement that they apparently aren't able to bring native execution of Xbox games to Xbox One.
Hardware is less capable than in PS4 and in current Linux/Windows/OSX PCs. But on the otherhand it's much more than what Nintendo has in their WiiU.
Xbox One is a silly name which will cause confusion among the people about the difference of Xbox and Xbox One.
And now I need to hit back to write SQL stuff. Otherwise I'd add even more stuff about why Xbox One will fail.