Ask many of the PC gamers here who still console game if graphic is the only reason why they purchase consoles. Software exclusivity matters and is an area where MS can invest and minimize Sony's hardware advantage.
If MS can grab 2-3 key third party exclusives and manage to produce a couple of must have first party franchises, it could have positive impact among hardcore and core gamers.
Well, they have already secured the most important exclusive, COD. People tend to discount the effect of a timed-exclusives but in certain cases it can be very powerful. If COD is the primary reason that you buy a console, then you really only have 1 choice, Xbox one.