Sony finally puts their money to good use and actually creates a more powerful console than Microsoft and multiplats do look slightly better with higher resolution, AA etc but due to the cheaper pricepoint of Microsoft's console it sells better and generates more hardware and software sales.
That is until Sony finally gets some good 1st party games out that utilise the power of the PS4 enough for them to become system sellers. Sony uses their Gaikai streaming but it doesn't REALLY take off due to licensing issues in Europe, it does ok in the US.
Microsoft focuses on integrating all their hardware and services so the tablet, phone, kinect 2 and xbox work together and have one integrated service. The focus isn't heavily on Kinect anymore but they still make one and it has it's share of decent games and casual fans due to the (fairly) cheap xbox.
Nintendo's 3rd party support is comparable to that of the Wii and their 1st party games sell well but even Nintendo can't make innovative use of the Wii U's abilities and with the casual market not really being appealed to the hardware sales drop off fast and don't do that well to begin with.