Compared to the PS4, Microsoft is being a lot more ambitious with the Xbox One. The PS4 plays games, the Xbox One does that and everything else too. Clearly they are going after two separate, but still somewhat overlapping demographics. It'll be interesting to see which of the two strategies succeeds.
In terms of games, there was nothing shown that was all that interesting. Though I can't seem to recall anything that great shown at the PS4 reveal either. Graphically, virtually everything shown was a disappointment. It looks like really nice current gen stuff. I'm personally still a bit skeptical on the games front, but honestly the most intriguing aspect of the whole reveal is which of the two divergent strategies will succeed, the PS4's focus on games and games only, or the Xbox1's attempt at being an all-in-one device?
If I had to pick one now, PS4 or Xbox1, I'd say neither as they are both way too early to fully judge. I want to see more games at E3.