With one or two exceptions from Obsidian (IIRC), Microsoft has been pretty underwhelming, with the Usual Suspects from the "Hey, Fellow Teens (now 30 and 40-something adults)! Remember how great the 360 was?!" now here's a new Halo, Forza, etc.; new IP that didn't hit for me, and non-exlusive, 3rd party IP coming to other consoles and PC.
Basically, I feel like Nintendo and Sony are still committed to console gaming for the near future, while Microsoft is trying to pivot into being the "Netflix" of video games for EVERY platform (that will have them). Hence all of Phil's talk about Nintendo and Sony not being MS's competition, because MS has their sights set against other tech giants like Apple, Google, Amazon, etc., and giants in the PC marketplace like Steam.
I feel like this is the last console generation from Microsoft before they 100% become a subscription / services provider, or try to, at least. And MS is willing to take a hefty loss this generation on Xbox, xCloud, Game Pass, etc. to try to make that work.

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