In terms of specs, Durango is rumored to be less powerful than PS4. This probably won't matter anyway because Sony went with x86 and Microsoft apparently will be too. They're supposedly not too off from each other so games will be scaled appropriately. Ars Technica has a nice
article on what using PC parts as opposed to custom chips means for Sony. This is specifically about PS4, but if Microsoft follows suit like rumors suggest, it still applies.
In terms of games, I wasn't impressed by the Sony event either. Sony's exclusives always interested me more than Microsoft's so I'm not expecting much from Microsoft's Xbox unveiling. Since I get the most out of my gaming dollars from Nintendo games, I was really hoping for better 3rd party support. Nintendo sticking with a custom PowerPC CPU might be more of a barrier for 3rd party in the future than its specs. I'll probably have to look into a PS4 in the future and just catch up on 3rd party titles that way.