I think MS solution will be more Deals like Tomb Raider launch first exclusives. MS will just spend money where it hurts Sony, content acquisition. But as along as PS4 consistency has better ports, I think this can be negated.
Its only been a year, so it will be an uphill battle. I still don't feel the hardware is worth $400 with a free game included. I honestly believe the sweet spot for MS would be $300 or less. They know they are down on GPU power, but acting as though you engineered this cutting edge solution, annoys me. MS is not Apple, nor should Sony get a free pass but the parts in PS4 clearly a (mostly) modern solution.
A year in, is too late to call. By the end of year three, i think you can start making judgement. Being in China officially, we have to see how things will go there. As others have stated, Xbone is not a failure, but its not a runaway success, that and marathon pacing.