I've finally taken some time to think about this, and I guess here are my thoughts:
TV, SPORTS, AND COD
The three above things are not what I would ever buy a gaming console exclusively for. CoD can be fun, sure. TV can be entertaining, though I haven't actually watched much TV in the past three or four years that wasn't uploaded episodes from a website, or off a service such as Netflix. Sports, well, that's a mixed market. It's a touch unfortunate that Microsoft is trying to push the idea of sports entertainment in both television and games so hard. Sports are a popular topic, but they're a system seller for very few people. Regardless, none of those are system sellers, yet they were a ridiculously large focus for the entirety of the reveal.
The biggest problem is that this entertainment box has put gaming in the backseat to try to morph all the services we already have into one, likely rather expensive, large and ugly box. I don't even know who they're trying to compete with, and in what market anymore. It's simply sad that Microsoft has deviated so far, trying to make their "game console" into essentially another computer. Sorry, Microsoft, but I can already get a computer that offers a lot of what you're bringing to the table for relatively cheap.
Online game activation, murder of the used games market, and entirely server dependent gaming
WHAT THE HELL IS WRONG WITH YOU MICROSOFT? WHO SAID THESE WERE GOOD IDEAS? If I ever lose my internet connection, no new games. If my live runs out and I can't afford it for a month or two, no new games (consider birthday's, holidays, and other special events here for how one may get games). If I live somewhere where I can't do better than dial up, or where reasonable internet just isn't available at all, no games to begin with. How about them used games though? Gamestop can't even sell them, since the disc is literally just a disc until you activate it. I can't believe they haven't learned from the horrible backlash associated with terrible PC DRM the past few years. Consumers hate DRM. An intense, fiery hatred is associated with it. Limiting what I can do with my purchase just isn't cool.
Now, the biggest problem is server dependence for acquiring games, as well as confirming games. I will acknowledge that I don't believe we've seen anything that has said that you can't play the game offline once you activate it online. What this does though is make it so future gamers will never touch an Xbox One for games. Ever. It won't even be possible for them to. Once the servers go, the Xbox One is totally dead. That is a very legitimate, long term concern. Some gamers have issues affording games actively and end up buying them slowly, sometimes purchasing them years and years down the line (see: people buying SNES games they've always wanted to own but couldn't afford 20 years ago, for example). Then, if Live is required to play a game at all times (which, I reiterate, I don't know if it is), the console is definitely dead for everyone as soon as the servers go. All in all, Microsoft is effectively shooting their own console right out of the gate, watching it bleed to death slowly, hoping to collect on the life insurance policy. It's sad.
So what about the next gen?
Currently, the Wii U seems to be the only console totally focused on gaming, with its core drawback being a very poor name that is still biting them in the ass. Once they recover, they'll be fine, but it's going to be probably another bumpy year until things totally fix themselves. The first party games will pick up the sales though, and as it becomes more clarified for the consumers, third party support will jump back on in droves. I don't know if the Wii U will be the winner of the next gen, but I can guarantee that it will do substantially better than the Xbox one.
The PS4, honestly, I've read nothing about yet except for the brief mentions in this thread. From what I hear, it's still basically a gaming machine with a relatively small focus on the social gaming aspect, especially when compared to the Xbox One. It suffers from the no backwards compatibility thing, which really, has been one of the coolest things about the PS1 and PS2, but if that keeps costs down out of the gate, then it's a very minor grievance overall. After all, a PS3 already isn't a very expensive system to buy brand new anymore.
I'd say that depending on how well the Wii U recovers, the next gen could go to either the PS4 or Wii U. At this point, the Xbox One is undeniably out of the running for anything but third place though.