The PlayStation 4 is going to be far and away better than the new Xbox. I think that the specs are better and the games are going to be better. The PS3 was way better than the Xbox 360, despite having similar games. The hardware was much superior and I think that the new PlayStation will be just as great.
The Playstation 4 will be better than Microsoft's new console. The specs for both consoles are already out and Playstation has the upper hand. Microsoft is not known for exclusive games, so Playstation will win in that category as well. Playstation has something to prove this time and will crush the buildings.
If the PlayStation 4 wasn't at least AS good as the Xbox then Sony would be in serious trouble. The new technology put into it will mean a much more powerful system that can play games with much better graphics and game play. Furthermore, based on the fact that Xbox was released in 2001, video game creators will have a much better idea on what does and doesn't sell, if they didn't it would be a dad business.
As an owner of several xboxes, I guess, I am slightly biased, but I prefer the xbox console over the Playstation console... I think it offers more and has better features. But in reality, they will be very comparable in what they offer. It is just a matter of preference.