I'm not trying to proclaim doom and gloom here, but at what point does Microsoft feel they need to start doing drastic things? Phil seems like the perfect guy to lead Xbox, so I think they are on the right track. I just really, really don't want Microsoft to feel like they need to start buying some big profile third party exclusives.
MS falling behind prevents that for the most part though. Their main strategy since the 360 released has been to leverage marketshare to moneyhat content away from the competitor's device. When no one is buying your console and you are behind in the sales race by 4 or 5 million consoles, that isn't a cheap option. No sane publisher is gonna give up all that sweet ps4 revenue to make something XBone exclusive unless MS backs up a dump truck full of money, something they'll have more difficulty doing the more and more pressure the games division is under to stay in the black.