A terrible reveal, consistently bad PR, a multitude of 180s, a high initial price.
MS has done a lot to turn things around but much like the PS3 I feel it's too late to really change the image the X1 has cultivated for itself. Much like the 360, the PS4 is now the "it" console to own, and with 1 million+ more owners in NA, that's 1 million more people pushing their friends into the Ps4 ecosystem (we've also seen evidence of this in the massive growth of PS+ as of late).
Once you understand that price isn't the only issue MS faces, everything falls into place. People say, "Oh X1 will win Nov. because it's such a good deal", but that's bias speaking. I've owned an X1 for two weeks now and it's a good console, worth every penny I paid for it; however, I still think the PS4 is, objectively, a better deal even at $399.
If I was hunting for a next gen console this month, it'd be the console I'd pick even with the X1 significantly cheaper. With that said, I think MS has gone low enough that the price difference will have a good effect this Holiday season (in NA at least). It's going to be close.
As for now, I'm just baffled as to why the PS4 isn't in stock at Amazon.