The Xbox One has been a roller coaster, but I think it's ended up in a really solid position for launch. Great portfolio of launch exclusives, multi-platforms and future exclusives look great (I've played Titanfall at PAX; believe the hype).
Going to be interesting to see how the ID@Xbox program works out. The machines we're all getting next week can be dev kits as well as our game machines, so I expect that there will be a huge amount of indie games hopefully by the end of next year.
I'm also really excited for what MS will do with the OS. I know that 5 years from now it will look very different to what we have today. That's one thing MS nailed for current gen, and I hope they expand that further with next-gen.