You’re probably not going to like this answer, but they each have their charms.
For the XB1, I’ve said this here multiple times but it’s worth repeating: the ability to watch Hulu Plus while playing games is a game changer for me. Now I don’t have to choose between Forza and the Daily Show and Colbert Report. Or Powerstar Golf and South Park. I can play a game, as long as it is a little lenient about distractions, and watch a show, as long as the show doesn’t require complete attention. Plus I do like the games on XB1 a lot better right now. Forza 5 is the best in the main series by far, and the little side games like Powerstar Golf and Max and Ryse are pretty good. I believe McMaster when he says Dead Rising 3 is great too, though I haven’t gotten around to that yet.
But the PS4 has its own charms. It’s trying to achieve less, but it feels more polished. For example, the XB1’s implementation of viewing movies from my PC is a bit clunky with having to start the app, then go to the PC and select the file and pick “play to”, and then go back to the XB1 in the living room. In comparison, the PS4 doesn’t support it at all. So you’d think XB1 wins there, right? Well, no, because since the PS4 doesn’t support it, you never even try to do something like that on it, and it doesn’t create a bad impression since it’s not clunky. I don’t like the PS4 controller as much as the XB1, but it’s soooooo much better than the PS3’s controller, that it just feels like a bigger victory for the PS4 this time. They improved their controller a hundred times over the PS3’s, while the XB1 controller is only twice as good as the 360 controller.
Truthfully, I think you’ll be happy whichever one you pick this time. The XB1, I’m sure, will soon get party chat like the 360, and other features that didn’t make it over yet. And Titanfall and the new Halo are probably going to be cool. Plus you might feel a little envy at Digital Foundry reports about cross platform games being higher rez on PS4, but it won’t really matter all that much I suspect. If you get PS4, since it actually has a controller that can play first and third person shooters well this time, I suspect you’ll be just as happy with a PS4. Maybe this new Uncharted game will finally be when I start enjoying the series instead of just enjoying the cutscenes (thanks to the new controller). Same with Infamous. I already like Don’t Starve on PS4 a lot. It’s a very couch friendly indie game. I’m sure PS+ will continue to be a good value for getting access to some games for an annual fee, especially if the PS3 is a good indication of where it could be headed in 5 years or so after the PS4’s release.
I’m very happy with both of them. The XB1 definitely feels rougher but it’s allowing me to play more games while still watching TV shows I like, which has allowed me to basically double my gaming time. And the PS4’s PS+ games Resogun and Don’t Starve have kept me busy too. No buyer’s regret from me at all like there was for the Wii and PS3 last generation.