To be honest, I think they schooled Sony in the last round. The PS3 supposedly had a higher graphical ceiling, but was hard to program for and that advantage was never really apparent in cross-platform games. Plus the 360 was cheaper and had a much more robust online and multimedia component.
That said, it seems as if Microsoft is pretty much making all the mistakes Sony did last time--coming to market with a significantly more expensive product, thinking they have the last round's customers "in the bag" and kinda sorta not really listening to concerned customers.
Interestingly, one of the main Xbox One execs is Phil Harrison, who cut his teeth--where else--for Sony on the PS3.
Plus as much as Microsoft want to build an "iTunes for video games," the problem is that iTunes is free and an Xbox One isn't. Consumers could try it out and test the waters and weren't locked in to a $500 commitment.
All that said, I think they are right that this is where the market is headed in the medium-to-long-term. Just a huge mistake to try to force it quick when people aren't ready for it, IMO.