I wonder if (like someone mentioned iirc) since Sony is losing a ton of money that the next Xbox will have better hardware.
Based on the current leaks/rumors, I'd wager both systems are actually going to be pretty similar.
There could be a few reasons.
Sony had put a TON of development money into the previous generations, especially the PS3's Cell CPU. Microsoft has always taken a slightly cheaper approach, utilizing tweaked off-the-shelf systems.
Both companies are realizing they have to be a little more careful with launch price, attract the devs, and still do well enough in a questionable economy. Sony more so than ever, again, considering the cheapest launch PS3 was $500.
For Microsoft, some concern goes into not just making it an attractive console, but making it an attractive living room machine for more than just gamers. I thoroughly believe the notion that they will ship the "720" with a version of Windows 8. I am curious to know whether it would be a full-blown Win8 machine, or a strange version based on Windows RT. It's an x86 machine, so it could theoretically support Win8. I expect it'll have a customized Windows RT experience, more console/10ft UI focused. If it's Windows RT and supports all "Metro" apps, they'll probably have a custom pointer enabled for use with the analog sticks. They may, just may, also include touch pads on, say, the underside of controllers, and probably on any media-center remote.
Microsoft sees the success of stand-alone streaming set-top boxes, and is serious about Windows 8 being a universal OS (and it was bandied about awhile ago that they were putting it on consoles too), and they want in on the living room party. They already saw success with the various streaming services/apps on the 360, might as well revisit that concept but with a proper iteration of Windows, in some flavor.
I wouldn't expect the desktop component, but Microsoft has been known to surprise us all.
Sony, well, they have always done decent with the living room, thanks in part to the last two generations including new optical formats as they were just coming into the limelight. They could definitely use a better approach to the full living room experience, but they could truly do anything.
Maybe they'll bring some kind of Android experience? It'd be cool if Sony put Windows RT on the PS4, but that would also be strange, and whether it helps or hurts, they'd want to differentiate. But, including some approach to GoogleTV, that'd be nifty.
It IS quite interesting how Intel is getting completely screwed on the console front. But that's another cost-saving technique, I'm sure of it.