Considering that I don't buy game systems until they've been on the market for at least a year, it's hard for me to get all that excited about these new consoles. Let's see what they do for games after a year and then we'll talk.
I remember reports from 2005 that said that Microsoft lost about $125 per Xbox 360 unit sold. They made their cash through XBL and payments from developers. With that as context, Microsoft's move to make you buy all new content isn't that surprising.