Microsoft can afford to a hit for couple of years in order to remain price competitive should Sony sell a weaker, cheaper console. We've also seen that they're putting something like 300 million to fund core development. They definitely seem like they're in the stronger position moving into next gen.
Sony, undoubtedly, has to be more careful with its money than Microsoft.
But I don't think either will make any big bets on hardware. I think we'll see similar power at similar prices. Certainly not the $200 gap of the gen we're leaving.
On a more general note about money...as above, Microsoft is obviously in a much stronger position than Sony financially.
However I think we might be looking at a situation of a big fish in a smaller pond vs a small fish in a bigger pond. Gaming is a really big deal for Sony. I don't think gaming is as big a deal for Microsoft. I don't think it is still the big strategic key they viewed it as before. I think that's reflected in how MGS has been operated over the course of this gen, which saw them lean down for profitability and sustainability. Microsoft is willing to make HUGE bets on things of strategic importance. And while gaming is one important front for them, I think they've realised it's not the front they should have really been paying attention to, and it has to more or less pay its way.
$300m - depending on the term of that budget - isn't something to get overawed by IMO. SCE's annual r&d budget would be 9 figures easily, and it's very consistent. I think an interesting thing to watch is whether Microsoft's development interest this coming gen will be more consistent than it was last gen. Microsoft's overall R&D budget is (only?) twice Sony's overall r&d budget, but Sony is now concentrating theirs on 3 areas, games among them. Microsoft is concentrating heavily on cloud and mobile. Sony is still making big bets on games - just not on the areas they once did. For example, cloud gaming is already a bigger investment than Cell ever was for them ($400m over a number of years). They've spent the same amount just on an 'in' to that arena. They'll likely spend hundreds of millions more on continuing development there in the next few years. I dare say, this is not an investment that would have been greenlit under Howard Stringer, and so speaks to games' priority under Hirai. And I dare say, it's a size of acquisition that Microsoft would be wary of from its games division today (their experiences with large acquisitions previously not helping).
So, yeah, there's undoubtedly a huge underlying difference in financial security between the two. But a resulting net investment difference in gaming may not follow, at all. In fact it may flow in the opposite direction. However on both sides I do not expect major bet-making on hardware subsidisation. I expect the bets will be on services and other peripheral hardware perhaps.