XB1 will run a noticeable 2nd place for the entire generation in cross platform games, there's no two ways about that. Having dramatically slower memory and a much weaker GPU can't be fixed.
However, that doesn't mean anything to most gamers in my mind in an immediate fashion.
It's trouble in that this gen IS going to see price cuts. Remember how people doubted me when I said this gen was going to be brutal, and might even see price cuts in the first year? I was practically called an idiot for that, in fact I think I WAS right here in this forum. And what do we see? Price cuts inside 4 MONTHS.
The problem gets worse long-term actually because of that. As the price cuts happen, and great exclusives pile up on both systems, many gamers WILL get both. Microsoft's problem is that owners of both will have precious few reasons to buy XB1 versions of multiplats.
You can search for marketing speak, about how 'similar results' or '1080p' was achieved on the XB1 for this title or that title, but with the power difference it will always mean a combination of these factors :
(1)- The title was undemanding to begin with.
(2)- Visual effects/details are reduced to make the target framerate.
(3)- Upscaling is used in order to maintain framerate and asset details.
It's plain as day. Hell, remember E3, when people were 'playing' Forza? They even trotted out that same thing to Jimmy Fallon's show. In actual fact, it wasn't an XB1 at all that the game was on, they were playing it on a jacked-up PC with 'XB1 target' specs. The game took a massive nosedive in details to hit the 1080p/60 target, from the crowds to the buildings, to AA and particle effects.
It's all stupid because the XB1 isn't a bad game console. Playing the same game with 80% of the visual quality of the competition doesn't make it a different game. But that's the way it's going to be for the entire generation. We all heard the same BS during the run-up to release :
"Oh, game devs will code to the lowest common denominator, and the games will look the same".
Yeah I knew that was complete and obvious total BS to begin with, but the fanboys piled on with that. Now watch the rest of the gen play out with more garbage PR spin : 'oh, they will learn how to do this or that with the system, and that will make a difference'. Nope. The fundamental problem is that the hardware is fundamentally identical, but weaker. As devs learn how to work even better with GCN/x86, quality will go up on both platforms. DX12 won't make any meaningful difference either, at a raw level there is only so much that can be moved with a DDR3-fed GPU with a bunch of it's processing capacity chopped off.
The fact is that Microsoft factored the BOM costs to include Kinect, and made the decision to neuter the GPU and memory to make that happen.
All of these facts SHOULDN'T be the only things discussed though. There are, and will be many great titles on the XB1. But Microsoft better triple-time the exclusives, because that's where they're going to live and die.