I'm not sure what Microsoft can do in the short term.
I really don't believe a kinectless system will be out this side of the new year(money and PR reasons), so they can't possibly undercut the PS4, because price matching won't help,they need to be cheaper and at this point in the lifecycle are they really going to take even more losses by pricing it under the PS4 with kinect?
After the money they've spunked away on NFL deals, EA deals, Titanfall bundling etc, could they really be in a position to justify making a huge loss per unit? i'm not so sure.
They need to blow everyone away at EA with exclusives is the only thing i think they can do, and in response they're going to get hit with PS4 exclusive marketing for Watchdogs,Destiny,Diablo 3, then PS4 exclusives in MLB, TLOU and Driveclub(maybe) and Sonys E3 all before Sunset overdrive and H2A.
Everythings just going Sony's way, if its by design whoever the fuck put the plan together needs one big ass bonus.