If Microsoft want to make a home media device for use in people's main living rooms, that's fine. It's actually quite a good idea. But such a device cannot be principally viewed as a games console.
I don't know about the rest of you, but aside from the occasional multiplayer split screen session, I play console games on a dedicated screen, either in a bedroom or computer room. I cannot play a game in a main living room, on a screen which in in demand by others for watching TV, films, or even browsing the internet. It's nice that this device can do so much, but flipping "channels" to whatever everyone else wants to watch is not conducive to the 4-6 hour gaming sessions I would like to have.
Maybe they're going for the complete casual gaming market here, people who will flick over to Angry Birds or whatever. But even the most passÃ© of run-of-the-mill gamers is going to spend an hour or so playing shooters online, and are not going to be inclined to flip over to daytime TV, or browse the web in the middle of their frag session. I just cannot see this working en masse.
Some may call it anti-social, but to me playing video games is closer to reading a book than watching TV; it's principally an individual experience, and the living room is not the place to have it unless you are specifically playing co-op. I don't think Microsoft are serious about the Xbox One as a gaming console. It appears to be principally oriented around completely orthogonal capabilities.