People still buy 500$ ipads even though there are cheaper options don't they? When I look at side by side pictures of the PS4 and XboX One, I see two completely different machines. One machine just plays games and the other one is the central media hub of the living room that can connect to my tablet and smartphone.
Issue here is that people are still going to want to have their tablet/smartphone devices regardless of what overlapping functionality the ONE has. I doubt very much that a large portion of users are going to purchase a ONE just to get similar features from their console. There may be an argument for it if the ONE had the ability to replace your cable box, but it simply doesn't.
Non-gaming functionality is exactly the reason why the XboX One is not in the same market space as the PS4. Voice commands and grab to Zoom are functions of a tablet or smartphone. A more likely competitor would be the Ipad. The XboX One also has motion and the ability to connect to smart devices, so that really pits the XboX One in a unique and technically advance category of it's own. The Wii, Ipad, Iphone, and Samsung phones have all used this strategy and it worked out well for them. As long as Microsoft can continue to advertise motion and voice commands of the XboX One, I see success in their future.
It's nice that the ONE can do all that smart glass pairing stuff and all, but that's more of a "hey that's pretty neat" than functionality that's really a system seller. TBH my personal sentiment, and the sentiment that I hear from a lot of other people is that they don't want to use voice commands or gestures to control their system. It's just as easy (and a lot less embarrassing) to do with a remote or a controller.
Hardcore games are only a small fraction of the the entire market. We know this because of what the Wii and Ipad sales did.
I would argue the casual gamers who were attracted to the Wii and the iPad are not the audience that the Xbox is catering to. Yes they are to a small degree with crappy kinect and other casual games, but they are not making a big play in that arena at the moment. I think the iPad/tablet market has taken a lot of that potential away from the console space anyway. And again the hardcore audience will influence people who pick up a next gen system later down the line.
Renting and trading is not a issue. I have never heard of anyone complain that they couldn't trade games on Steam.
Would be a fair point if most steam users weren't getting most of their games at %50-%90 off. I consider myself pretty hardcore and I still only but 2-3 full price games per year digitally. And you have to also factor in expectations. When people buy a digital game they don't have the expectation (right or wrong) that they should be able to resell the game. The same cannot be said of a physical disk. There is also the issue of being able to use these games in the future. Once the ONE reaches the end of it's lifetime what happens to your games? Do they take the servers hosting all this content offline? Are you still going to be able to access your games in 20-30 years time? With Steam and other PC distribution platforms there is no "next generation." You can continue to access all your content unless Valve somehow goes out of business.