Ever since last generation, ALL consoles have been the type of device in bold.
The system is only pointless if you were interested in it primarily for either Kinect or Xbox Original programming. That's it. Everything else is still a part of the package.
As for Spencer, he's taken on the responsibility of steering the ship away from the rocks, so to speak. He's realized that gaming is a strength they have, since there were a lot of Xbox 360 fans who were hooked to that system's ecosystem and online infrastructure, and he's likely banking on using that as a means to attain success. Yes, it's being done primarily for business, but realistically, what isn't? We're benefiting, though, because the system is becoming more competitive, it has some great exclusives in the pipeline, and the new focus means we can expect more. The multimedia functionality is still there for those who want it, it's just taking a backseat in terms of the marketing message for the platform. Kinect will likely die, but that's a good thing as far as I'm concerned. It's a neat peripheral, but with limited use in gaming.