My wishlist, lots of new IPs or return of old favorites After Infinite and the MCC and the inevitable Halo 5 PC port, put Halo and Gears to sleep. Maybe releasing F2P versions of their multiplayer modes would be a good idea. And that revenue could fund smaller projects.
Regarding games I would love an anouncement of a Big Ass Skyrim Killer from Obsidian. This can be it's name : Project B.A.S.K.O
I think that trying to one up Sony in their own game with cinematic adventure games won't lead to good results. They should focus on RPGs with high production values which is a niche Sony never catered for some reason.
Microsoft should deliver good games but also improve their relationships (if you know what I mean) with the gaming press. I don't want to be pessimistic but the press always finds the way to spin it when it comes to Microsoft. Look at the console with no disc drive Sony is going to release. The press didn't bat an eye. When MS released the all digital Xbox around a year ago, folks lost their minds spewing shit left and right "MS is killing mom and pop video game stores!!!"