Wait till E3 for games, the conference was for hardware/software.
I kind of like microsofts approach. The one device to rule them all (sarcasm). If they can combine the great fluid UI demonstrated + the apps + the power + games we have a clear winner.
As for emulation, the ps4 won't play ps3 games.
To emulate something the primary device needs to be much much much much faster. Software emulation simply isn't possible at this time.
Microsoft seems to be going in a better direction than Sony and Nintendo. But the console just sounds too much like wanting to be some ubiquitous device that everybody uses while it sits there as a $500 console.
Maybe this makes more sense if you're more familiar with Windows 8 and the ecosystem of buying stuff from Microsoft. I'm familiar with the suckage of Windows Media Player and whatever the built-in photo software is on Windows 7. It's horrible. It really sounds like Microsoft wants to have Apple's integration without really having a key device like an iPhone or iPad that so many people have. I know Microsoft has Windows Phone and Surface, but in the scheme of things those devices are immature.
Thus, the games and gaming features should be the MOST important features. Like show me things such as the new Kinect sensor understanding when I yell "mirror!" when playing the Microsoft-made football game in Kinect Sports Season 2 to call a play. Show me the Kinect sensor not thinking I'm cussing out the ref in NBA 2K3 when I'm literally silent. I unplugged my Kinect because of that.
Oh yeah, and be less lame with downloadable games. 1) Demos for every damn game. 2) Same-day release on disc and download for everything. 3) Why in the motherloving hell is FIFA 12 still $40? FIFA 13 is long in the tooth and still $60, and FIFA 14 is only a few months from coming out.
As for the emulation thing, I can't really argue with you because I don't know the technical specifics of emulation. But it just seems like a system bragging about its 8-core CPU should be able to emulate software from a system designed 8 years ago. I never ran any massive games through Rosetta, but I also didn't have an 8-core CPU. The fact that I won't be able to transfer over the numerous games I bought for Xbox 360 makes me EXTREMELY less likely to buy an Xbox One. If I could play my old games and they were emulated like the Wii did with GameCube games, then I wouldn't need to have yet another box sitting around.
Honestly if this is the best Microsoft can do, it needs to wait until it can run the 360 games on the thing. Sony should do the same as well.