Ok, some words thoughts here..
This coming generation will obviously not be defined with most advanced graphical capabilities, but both consoles will be capable in that department. For those who really want to push the gfx envelop, PC will be your home.
Now, this gen will be defined by expanding the gaming experience, making it more immersive. This coming gen will also be the hardest for companies to fight for our attention. We will have Steambox coming, Oculus Rift.. the "threat" from the pads and mobile etc etc.
So how can MS, Sony and Nintendo fight against this? What is the next step?
If we are looking at strategies here, MS seems to have the "best" established plan, like many others have pointed out. Yes, Kinect is part of this immersion, but also the IllumiRoom tech and even the Fortaleza glasses. All these things together can create an immersive experience that perhaps in unrivalled. That is what MS is betting on...
So yeah, most likely Kinect 2 will be included, but this Kinect will be far more precise and advanced than ever. All the things that were promised with Kinect1, will most likely be delivered with Kinect2 (thanks to the beefed up transfer speed and the more powerful tech in the sensors)...
The reason why MS bets on this is because everyone can create a more powerful HW, you just have to be willing to pay for it. But perhaps not everyone can create "the most immersive experience" in gaming yet. Yeah, it will be add ons but if everything is cool and dandy and delivers an unique experience, then we have another winning bet here, people are willing to pay for stuff that is "cool"..
So that is what the battle will be about.. immersive experience. Sony is a bit too hellbent on winning the tech-race but the thing is, Sonys machine will not be able to be that more powerful than Durango, to make multiplat games "impossible" on Durango. Maybe some effects will be missing, maybe a bit more FPS drops but all n all, it will be the same (like the difference between PS3 and 360).
But.. third parties will be able to create experiences on Durango (if we implement all the surronding stuff like Kinect, Illumiroom and fortaleza) that Sony just will not be able to match...
So in the end, yeah, the PC will be the tech king.. but it will never have the chance to be an immersive platform. And yeah, Sonys machine is perhaps slightly more powerful, but any game that can be made there, can be duplicated on Durango, perhaps with some slight slight difference.
But if MS can deliver an experience with all the KinectIlluLeza stuff.. then that is something that cannot be matched by the others..
So this gen will be much more about the graphics and such.. and the company that will be the most immersive will win. This does not mean that MS will win, but it does seem that they have positioned themselves far better than Sony...