Doesn't have DVR. Doesn't have an HD antenna. It doesn't have a single discernible feature that's superior to the PS4 (MAYBE the Kinect, but that's yet to be tested against Sony's camera). It doesn't replace those things. Therefore it IS competing against those products.
Just saying, "pop the champagne" we have no competition" is completely boneheaded. The I-Pad was a device like that. The I-Phone was a device like that. Both ushered in a new type of product. This one does not. It is an upgraded version of the Xbox. Upgraded graphics, upgraded Kinect, upgraded controller and supposedly upgraded Xbox Live.
There is no revolutionary change for gaming. Saying "the cloud" is revolutionary without a single concrete example is ridiculous. If anything, I'd say Sony is ahead in "The Cloud" because they offer Cloud based gaming through Gakai. That seems more revolutionary than offloading some AI functionality because your on-board specs are sub-par compared to the competition.* Talking about PSN as if its some after-thought service is wrong as well. Its a FREE service that has been vastly improved over the life of the PS3 and looks to keep getting better. Part of the reason for Xbox's success is purely based on first-mover advantage and the momentum that created for Xbox Live. At this point if your friends already having Xbox Live they can't all be bothered to get everybody to switch to PSN. Its certainly not because of dramatically better service at this point. PSN or Playstation Plus are the better "deal" IMO, but its debatable. I know they don't hide Netflix behind a pay-wall. Another Microsoft Xbox Live -- a microphone that comes with the system -- is now being replaced by the Kinect. We'll see if it works as well as a headset for online gaming.
*Sorry, I forgot. Xbox One is a Revolutionary new product because it allows me to Skype and play games at the same time (I don't do that already on my PC, I swear).