Much has been said about the Xbox One, but this piece here sums it all up in a five-minute read. Of course it mostly focuses on worst-case scenarios, but judging by what we know already none of it sounds like an overwhelming stretch, and even the best-case scenario makes the PS4 look like the alpha and omega of all electronic devices. I mean, these aren't just words tossed into the air, there's source after source after source.
TLDR version: If you still weren't sure whether you'd buy it or not, PLEASE pass it up. And maybe invest in some Sony stocks if you have money to spare.
Thanks to Mattman324/TSF for the tip.
Edit: Apparently Germany isn't too hot on the whole Kinect thing, and their federal data protection commission is looking into it. We'll see where it goes, and whether or not other countries follow suit.