I'm sure MS is fine with their planned solution and will be borne out as having been plenty to meet or exceed expectations for this coming gen.
The integrated media and social features, the Kinnet 2 support (which I think will surprise more than a few albeit not HC gamers) the hardware design itself will prove to be more than capable as this was not designed in a vacuum but with input from their development partners to a degree.
Then add in a price possibly $50-$100 less than Sony's product and a release to market beating Sony by at least a month and possibly more in Europe... and I would wager they are not sweating this reveal.
Well price by self doesn't say the whole picture if you bound lot of the system functionality to a subscription as in the 360.
I'm exactly the kind of people that doesn't really care for MP online game, I am willing to compromise (reasonably and durango should be "there") on graphic IQ and I'm willing to save every pennies I can save. But, I won't pay to use a browser, netflix and what not in 2013 on a system I already paid and that does what it does with the 'bandwidth' I'm already buying at my ISP.
As for used games and always on... it's a clear no even if only half of the statement is true.
I'm to move in an old house, not sure how wifi will fare, I want to be able to play in any room without having to think about how is the network in that room (if there is any at all).
For used games, it is not a massive no, but I'm would think more than twice before buying a system with those kind of policies.
People can criticize Steam all they want, you can't still resale your content but at least the price are competitive (and I don't expect either Sony or MSFT to lower games prices, I think nobody does). Thing is I can buy PC outside of Steam.
A naughty side effect is that I would pass on anything but top games /sure games, as giving at try to a A/AA games without being able to resale it if it is not my cup of tea has more implications that one would think.
Overall so far we discussing rumors but looking at MSFT last moves (IE only for gold user was unacceptable imo in 2012, still is in 2013...) I anticipate that I may not have that much of a hard time to make my mind this time around ( if I buy on console that is it) deciding on my system of choice.
Pretty much MSFT just has to clarify is business wrt always online, used game and what functionality are available if you buy the bare system.
Truth be told, in the case I buy a console I would put the odd of going with Sony this time around ~95%, and it won't for the specs or the (initial) price.
Obviously that is subject to change as we get new information and ultimately when MSFT unveils its products clearing doubts on the matter.