I agree if Joe Gamer does a decent bit of research into what he likes and doesn't like and what the titles are. However, is he that well informed? My expectations of the typical pundit is they'll be moderately clueless, know they like COD and FIFA and a bit of other stuff, plus maybe something for the kids. Goes online, sees a fair bit of talk about exclusives on PS4 and none of XB1, thinks something along the lines of, "well, I don't want less games," and will feel an incentive to buy PS4 due to that. I don't think the average pundit, especially this far into a generation when the fanboys have already bought their consoles and the companies are selling to the platform-neutrals, is really researching (through hundreds of games) the best platform with the best games for their tastes. Similarly, playground banter will be about the headline titles, not the full libraries. Brit can dig all he likes at PS2 remakes (only a small percentage of the first party exclusives in reality) but the truth is PS4 is outselling XB1 by a large margin - are we to believe the lack of exclusives narrative isn't contributing at all to that?
The argument in favour of the current situation is saying MS shouldn't invest more in exclusives and this situation should continue and ultimate get worse as PS accrues more exclusives. I can't see that as a safe business position. I'd counter that personally by really pushing BC and ensuring consumers know the XB library will extend to new machines but MS aren't really doing that, perhaps not wanting to completely commit to a promise they may not be able to keep. But without that, the theory is that MS can concede the Exclusives part of the face-offs and still come out on top. For games consoles that seems to me the one area you can't relax on.