The big problem problem that new consoles are fighting for is: a reason to exist. Most games demo-ed so far look possible on the current generation of hardware. Crowd sources AI is an interesting twist, but possible on current consoles. Killer Instinct is an odd thing to revive, but it would play just as well on a PS3.
Suddenly Microsoft comes out with a console that:
1. Phones home every day.
2. Bans game lending.
3. Possibly cripples the used game market, or maybe not, nobody is really sure.
4. Requires Kinect to be always on, because that wasn't a disaapointment.
Their sales pitch of "You can play games that are basically last-gen games, but with fewer rights" has had shocking trouble resonating with consumers.