It's not enough to have the same price and relative power. You need to launch within a few weeks of PS5. PS4 was also much smaller than XB1 and had the power brick integrated. Sony engineers and supplier deals were just so far ahead. Sony is going to throw more heat next gen with PS Now, so Xcloud will have a tough fight there too. Sony is on Azure so forget about any performance advantage for Xbox on cloud. We all know MS aint winning on 1st party output either. Both will have BC. Gamepass is good, but PS Now is still better. I think Microsoft has a few areas of attack:
VR - Sony will come in with a really solid, proprietary, entry level priced PSVR2. Xbox could be the 'every VR' platform including much higher end models
Windows 10 - Just do it. Full dual boot OS. Yes that means Steam on the Xbox. <== this is how you do it Microsoft. People would like a full PC attached to their TV. This is the #1 thing that would make me buy Xbox instead of Playstation. Charge $100 more for dual boot SKU if you have to.
Microsoft Flight Simulator is a Killer App. Make nextbox version run well
Minecraft maybe. i think theres a case to just keep putting it on everything though they might have to remove the Microsoft login for PS5 to get it
They seriously have a tough fight though. I think they will be doing very well to hit 1:2 sales ratio. Sony is going to land strong on power, price, footprint, release date, and create a soft landing for all the PS4 owners out there. They will have next gen streaming and PSVR2 will probably be totally wireless. tough to beat all this.