You're right. Hardware is close enough to parity to be irrelevant. The competition in the 2-party console market (Nintendo doesn't count, they're in a different league) is in exclusive titles. It's why the MS-Activision merger had so much focus on Call of Duty and such: MS will take all their new titles exclusive as soon as they can and that's what drives sales. People choose consoles based on what games they want to play, or what consoles the friends they play with use if there are cross-platform titles.