As a consumer who will be buying one of the two systems this year, Microsoft is still out of their damn minds with this price point. It should be $350 for the Kinect-less version, if not less. The Xbox is still weaker than the PS4, and tossing the Kinect (devs are going to be absolutely done with the Kinect, save for any quickie stuff they can tack on) really tilts the scale in favor of the PS4 more than ever, now. I'm a cable cutter, so their TV shit doesn't really apply to me (and I'm sure the cable cutter-gamer market is growing every day with how easy it is to watch stuff online). Games lists on both consoles still suck.
Good on them for finally doing it, I guess, but the Kinect shouldn't have been a requirement from day one, and it should have been a LOT more competitive with the PS4. On paper, it's absolutely no contest that the PS4 is better in literally every gaming aspect. Shame their exclusives are kinda bland, and the console just seems... cold.
TL;DR: $400 is still astronomically high compared to the competition, IMO.