This is what people keep forgetting about this business - we need all of these companies and they need each other. In order to have an interesting and vibrant industry we need Sony, we need Microsoft and we need Nintendo. In fact, we need more companies.
I have a 360, a PS3 and a WiiU. I've got my PS4 pre-ordered. I'm choosing PS4 over X1 because I prefer Playstation exclusives. I have no ill-will towards Xbox. If the X1 were to fail, it would be disastrous in the long run for everyone.
If Microsoft or Sony (not counting Nintendo, who isn't interested in competing with them) were to bomb completely and exit the field, the surviving company would have a monopoly, and that would quickly turn against the consumers and then themselves. Competition is absolutely necessary.
Which is why reading the comments on the various reviews today has been painful. Xbox fans gloating and screaming that PS4 has failed. PS fans declaring victory. The PC master race claiming superiority over all. It's just so damn loud and annoying. And I'm not immune to it. I felt worried about the middling reviews of Knack and the lukewarm reception to Killzone. I've put my money down and now I feel invested in PS4's success.
But it doesn't need to be perfect. PS4 will sell, Sony will stay in the market and better games will come with time. The X1 will sell well too; we've yet to see the reviews for its games, but I'm willing to bet they'll be somewhat similar. And better games will come for the X1 in 2014 as well. They will both survive, and they'll both do just fine.