Looking at the specs, 8 core AMD and 8GB ram, it appears to be pretty much the same internals as the PS4. Pretty much everything they are advertising is a gimmick, though. Kinect is a huge gimmick, no "hardcore" gamer has any real use for it as yet and most of the Xbox 360 crowd already have Blue-ray players i'm sure.
As for the PS4 - I've owned all 3 Playstations and I will be buying the 4th, but not straight away. The only games I really play are GT and CoD which both have new games out at the end of this year, but I am lead to believe that they will be PS3 games, not PS4, so no reason for me to "upgrade".
I've also heard that games HAVE to be installed onto the Xbox in order to play them and if you are to resell them, the purchaser will have to cough up extra money to the developer in order to actually play the thing, similar to how EA have done with online playing for a few years.