I've owned and played both consoles since launch, so here's the verdict:
NOTE: I hated the PS3 controller, and loved the Xbox 360 overall in general.
(now remember these are just my personal pros and cons)
[u][b]PS4:[/b][/u]
[b]Pros:[/b] The games that I've tested on both consoles truly look better on PS4. I tested Ghosts and BF4.
The redesigning of the controller, for me is PS4's greatest, most important feature. It may look like a PS3 controller, but it feels like an XB360 controller with upgrades. The redesigned grips, triggers, and spacing of the thumb sticks, built in speaker, the added touch pad, and overall solid feel, makes this controller the best and most comfortable controller I've ever used, but I still only like it slightly better than the classic 360 controller.
PSN allows for a larger friends list. I think around 2000 or 3000 if I'm not mistaken.
More free games on PSN than Xbox Live. My Asrto A50 head set works with PS4.
[b]Cons: [/b] The whole party/chat system still sucks ass on PSN. If I want to change the headset volume using an official PS4 headset, I have to leave the game and go through a sea of settings, just to change the volume, because I can't do it on the headset itself. I also can't make a bio for my profile, and I can't ever change my profile name and have to keep it forever. There is no screen timeout, so I have to turn my TV off if I want to leave the game on, while I go out for a bite to eat. No Youtube app.
[u][b]Xbox One:[/b][/u]
[b]Pros:[/b] The TV and voice features are awesome. I hear that the Kinect games are better and more advanced, but I don't use them, so I don't know what else to say about them.
Exclusive games is why I even bought the Xbone. I will never leave the Halo franchise behind. I can't wait for Project Spark and Titan Fall. I also think Minecraft might be on Xbone first, but I'm not sure.
The party/chat system works like a charm and is light years ahead of Playstation in that aspect. XBL, in general, is just better than PSN in my opinion. Xbone also has a Youtube app while PS4 does not. Not sure why. Xbone also has a screen timeout, so I can get distracted without having to worry about burning Ghosts' menu screen into my TV permanently.
The cloud processing thing sounds cool, but it may be a couple of years before we can see what kind of difference it will make.
[b]Cons: [/b] First and foremost, I hate what they did to the Xbone controller. It feels like it's make of cheap brittle plastic, the buttons are loose, and they moved the bumper buttons up and out of comfortable reach. They also made the bumper buttons only press-able from the outer edges, where no human being has fingers there to even press them from that angle. The controller vibration noise sounds like a cheap wind up toy car from the dollar store. The grips, while okay, are a step down from the 360's perfect feel. Was this controller designed by monkeys?
Graphics are basically just not as good as PS4 right now, unless cloud processing changes that later.
As far as I know there is no setting on the Xbone itself or BF4 that lets you turn off controller vibration, unless there has been a recent patch that I don't know about. So BF4 can only be played with vibration. Also, I can't use my $300 Astro A50 headset on Xbone at all. I think M$ is working on a solution for those.
Xbone and just XBL in general still only allows 100 friends in your friends list. I have to make alt accounts to add new friends.
Overall, at this point, if I had to pick a system, I'd have to flip a coin. I need them both to satisfy my gaming needs. If I'm missing any selling points that are important to you, please post your thoughts and explain.
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X1 controller is awesome