I have a few different deciding factors:

1) How many of my online gaming friends get consoles. I don't want to be the only one getting a PS4...

2) Exclusive game franchises. Such as Final Fantasy, Kingdom Hearts, Tales of, Star Ocean?,Bayonetta, Mass Effect, etc.

3) General interface and lag/load times. I can't stand little lag spikes when navigating through menus. Current Xbox hulu and netflix interface makes me want to shoot something so I just use my ps3 for those.

4) Controller. The thumbsticks on the ps3 stick out a little bit too far for me for FPS games. I feel the xbox controller is just sturdier and more comfortable overall. So whatever feels the most natural one to game with.

5) The extras such as camera/kinect so far don't really interest me too much. I have a kinect that I rarely use and I have a PS Move which is still in its original packaging.

6) The Xbox dashboard feels more lively and connected to the gaming community which I like. The PS3 Xcross or whatever its called just feels like its in a void. Sure it's simpler to navigate but I don't feel connected. So we will see what both companies do for the next gen as far as feeling like I'm part of the community.

7) DRM. Seeing as how MS nixed their DRM policies of having to connect to the internet once every 24 hours, I am much more willing to consider purchasing it. I believe both PS4 and Xbox One are naturally region free now, although puiblishers can opt to put region locking into their games.

8) Specs. While the PS4 specs seem to be better raw, I will wait and see how both are optimized for game/app performance.

9) Storage. I hear the xbox internal hdd will be 500 GB but not be replaceable. I'm curious if they'll allow external storage. Not sure on PS4.

Overall I'm going to wait until both are out for a bit and decide then. I'm still rather pleased by the current gen hardware actually.