As for the system itself. I'm too attached to Sony exclusives right now to even contemplate switching. If Xbox One has some awesome exclusive that's a must have, I might pick one up down the road. However the news coming out now is making that less, and less likely.
Used games blocked + fee to use them is a huge turn off. I use selling my old games to help pay for new ones from time to time. Gaming isn't the only hobby I have that requires money. This also means simply loaning a friend a game, or renting a game becomes more expensive. We're not even sure what the fee is yet. People in here are saying it's $10, but this fee is esentially "buying" the game. It said after you pay the fee, you own the game now and can install it anytime you want. The fee could very well be full game price, or close to it, $30-60. It will hurt companies beyond Gamestop.
Kinect required. Kinect really doesn't appeal to me, but this was expected, so it's not a plus or minus. The upside of this being that Kinect functionality can be fully exploited now, since it's manditory. The downside being if you don't want a camera always watching you, and that Kinect's not free to make...it will probably drive up the console's cost.
The multimedia functions sound great from reading you guys responses. I expect Sony to reveal more multmedia functions as well though, but atm it sounds like MS is trumping them in that department.
Even if the console itself isn't always internet required. The cloud gaming stuff could leave it to the developers to still make some games require constant internet connection to function.
The mandatory harddrive installs is a pro and con as well. It could make games play better. On the other hand I forsee a lot of deleting old games to install new ones. This system really reminds me of how PC games function (minus putting in a serial code, plus an extra fee). Which makes sense given Windows 8 being on it.
I guess overall, this event more or less is a non event for me. It's nice to hear it's similar to PS4 in power. It means nextgen gaming won't be held back by one or the other. Game developers will be able to go all out. Though I think MS still needs to go into a bit more detail on hardware, like what type of RAM, MB type, ect. On the other hand none of this news pushed Xbox One any closer to must buy status, let alone buy status. If anything, some of the news pushed me further away. I'm also probably the only person here not big on the name One, but that's a non issue as well.