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I'm enjoying the PS4. There's lots to do, much of which is free. Most of the big franchises released last November and March was pretty good for the system, with Infamous, Metal Gear, and the Dead Nation remaster free with Plus. So there's a solid lineup of retail discs and PS+ does a great job filling out your library with some of the best downloadable titles at no extra charge. Mercenary Kings is actually out today so I'm gonna check that out when I get off work. There's also a lot of free (non-PS+) content, since Sony made the push to ease free-to-play devs and open betas on the system. We just had the FFXIV beta, and another round is starting this week I believe.
So it's kept me pretty busy although not enough to wipe out the hours I still put into Steam every week. I can't say if it's worth the $400 cost of entry for everyone but I was fortunate enough to afford it at the time and I haven't regretted the purchase.
Despite the stumbled marketing, I hear lots of good things from Xbox One owners. It's supposed to feel more like a next gen tech gadget more so than just another games console, largely due to all the TV integration. Titanfall also launched for them in March. I played the beta on PC, it was cool and another solid multiplayer shooter in their lineup.