As for multimedia vs gaming, I liked the PS3 approach. Anymore, I think things have progressed too far to have a game console just play games. I like the ability to do other things, even if I have a PC for them. On the other hand, gaming easily comes first.
So gaming is the draw, it's not even a contest. The multimedia stuff is supplementary, and adds to the value, but is not as necessary.
I have my laptop, and PS3 hooked up to my HDTV in my living room. If I finish playing a game, and feel like surfing the net, and can do so easily without powering down my PS4, putting the controller up, grabbing my wireless mouse and keyboard, powering my laptop up, ect....then awesome. Things like that add value to the console. On the other hand, if multimedia takes up valuable resources, and hurts the game side, then it can be a negative.
Or in gaming terms. Uncharted 2. Uncharted fans were worried that the inclusion of mutliplayer would negatively impact the single player story, which is what brought most of us to love the series. Yet, it didn't. Naughty Dog balanced the game nicely, and gave a superior single player experience, while introducing a new component. If a console can do that, it's win-win. If they focus more on Kinect functionality, multimedia stuff, and leave the gaming side behind slowly, then it's obviously going to be a negative impact.