I think Microsoft's strategy is to differentiate and focus on cross-platform more than just a powerhouse gaming console. Look at the Sony line of televisions and how Samsung has completely taken over in that arena. Core lines of business (OS, Phone, Xbone, Surface) all syncing over Xbox SmartGlass is a smart move but also risky.
Consumers right now are in a pickle - always having to buy independent devices that don't speak to each other. Samsung television, Sony console, iPad, Samsung Galaxy 4s - that's what my living room / device roll-out looked like until recently. I can't read the future but I know some of the things we have in development right now that are 2-3 years out, that are super fucking cool and - if Xbone gets the space that we think it will - could have significant impact on changing the home entertainment game.
(Disclaimer: I work for Microsoft in the hardware partner space)