To be quite frank, it's in all our best interests if both consoles succeed and both are awesome (I saw both because...well, sorry Wii U).
Take, for instance, the recent change to Xbox Live Gold memberships - in an effort to compete with PS+, they're also providing members with free monthly XB1 games. Why? Because with PS+ now being mandatory for online play instead of just a little bonus for its customers, most PS4 users will be paying for it. If Microsoft wanted to match Sony, they had to offer the same thing with their service.
The power of a system rarely matters in the long run. The Xbox was superior to the PS2 in most respects, but that mattered little, as the PS2 is the most sold console in history. The PS2 is also a personal favorite of mine. Anyone throwing specs here and there as the criteria for the better console are simply ignorant as to what makes a system so great. It's the features and the games that really matter.
That said, I have no idea which console will sell more units just yet. At launch, I anticipate the PS4 will outperform the Xbox One, but the sales trend will ultimately depend on which company delivers the best games and the best experience. I'll be getting both, but I'm starting with the Xbox One for Killer Instinct, Project Spark, and Crimson Dragon. I'm hoping they deliver the kind of experience I'm after.
But again, in the long run, your and my opinions mean shit. Saying that one console is superior to another does nothing to diminish the fun another has on the inferior console. Personal preference is all that really matters. And while it will be fun to see which system consumers have generally preferred in a few years, it won't affect any of our experiences with these awesome systems.
Note: While it's looking like the Xbox one will be my personal favorite console this gen, just know that the PS2 and N64 are my all-time favorite consoles, even without the cool stuff last gen consoles gave us. I just hope both companies continue to compete with one another to better our experience. And Gill - from what I understand, the 720p issue is temporary. They'll be patching the games which were meant for 1080p later on. Those that are meant to run in 720 will remain that way, however.