Should You Buy It?
Not yet. It's generally dumb to buy any new console right at launch. PS4's have been having issues with a "blue light of death," and for all we know the Xbox One could have its own issues as well; the sting of the red ring of death is still fresh in most memories. Besides, the launch line-up of games—while a little better than the PS4's—is a bit soft. The real gotta-play system-sellers like Watchdogs, Destiny, and Titanfall, are still a few months out. Halo 5 is a mere glint on the horizon.
The software is still in flux too. We experienced a little jank with a few apps. Twitch streaming isn't coming until sometime early 2014. HBO Go is "coming soon" but hasn't shown up yet. These consoles are coming in hot, so just chill. Theoretically all will get fixed with time; hopefully right around when a game you just have to have finally gets released.
For now, the Xbox One is one impressive living room box machine—and it more than justifies its $500 dollar price with the inclusion of at least $100-worth of set-top boxitude—but you're going to be better off waiting for a little while to see how things shake out.
But—and this is admittedly a sizable but—if the Xbox One can straighten the few little quirks it has with some software tweaks, this thing is going to be unstoppable in a way the PS4 could never touch. It's too versatile, too feature-ridden, too future. So wait, yes. But while you do, go ahead and start clearing out plenty of space underneath your television.