Since there are Specs out for both, lets have fun!

Please note: Anywhere I say "Unknown" means that I couldn't find any information on that section.

Consoles


Design


PS4: Not Revealed. Not kidding, they haven't yet revealed it. The best ad for it, is fake.
Xbox One: Fully revealed.No alternate text provided

CPU


PS4: x64 8 core., AMD APU.
Xbox One: x64 8 Core, Unknown Manufacturer

RAM


PS4: GDDR5, 8 Gig.
Xbox One: DDR3, 8 Gig.

Hard Disk


PS4: Unknown.
Xbox One: 500 Gig.

Optical Drive


PS4: Blu-Ray & DVD Combo.
Xbox One: Blu-ray

Display ports


PS4: HDMI, Analog
Xbox One: HDMI (Input and Output)

IO


PS4: USB 3.0, AUX
Xbox One: USB 3.0

Connectivity


PS4: Gigabit (1000Base-T, 100Base-T, 10Base-T), 802.11 B/G/N Bluetooth 2.1 [EDR]
Xbox One: 802.11 N

Controllers


PS4: PS Vita, Dualshock4
Xbox One: Kinect, Xbox One Controller, SmartGlass

Controllers


Dimensions


Dualshock4: 162mm x 52mm x 98mm (width x height x depth) [tentative, excludes largest projection]
Xbox One Controller: Unknown
Kinect: Unknown
SmartGlass: Variable Size

Weight


Dualshock4: Approx. 210g (tentative)
Xbox One Controller: Unknown
Kinect: Unknown
SmartGlass: 0g.

Buttons


Dualshock4: PS button, SHARE button, OPTIONS button, Directional buttons, Action buttons, R1/L1/R2/L2/R3/L3, Right stick, Left stick, TouchPad Button
Xbox One Controller: Direction Buttons, Action Buttons, Impulse Triggers, 2 Unknown Buttons, Xbox button
Kinect: None.
SmartGlass: Fully Touch based.

Touch Input


Dualshock4: 2 Point Touch Pad, Click Mechanism, Capacitive Type
Xbox One Controller: None.
Kinect: None.
SmartGlass: 100% Touch, Variable max input.

Comunication


Dualshock4: Bluetooth 2.1
Xbox One Controller: Wireless Direct
Kinect: Wired.
SmartGlass: Cloud Based.

Miscellaneous


SmartGlass is available on any Android, iOS, Windows Phone or Windows 8 Device.
The Xbox One Controllers Auto-configure and recognise players via the Kinect Controller.

Information Sources


All information only gathered from Official PS4 Site, Official Xbox One Site and Offical SmartGlass Site. No other sources used.

Extra Notes


With Xbox One people are talking about fees and Required Check In times (Ie. Once a Day), Microsoft HAVE NOT OFFICIALLY released any information on any Fees or Check In Times. If there are any.
[quote="Microsoft"]Q: Does Xbox One require an “always on” Internet connection?
A: No, it does not have to be always connected, but Xbox One does require a connection to the Internet. We’re designing Xbox One to be your all-in-one entertainment system that is connected to the cloud and always ready. We are also designing it so you can play games and watch Blu-ray movies and live TV if you lose your connection.[/quote]
For the people who don't notice the difference between an Internet connection and an "Always On" internet connection, this is exactly how Xbox 360, PS3, PS4, Origin and Steam do it, you Require an internet connection to login for the first time, register games and hardware (Where needed) and download any updates etc, but you DON'T need an "Always On" internet connection to use the device and any offline software (Single Player, Music etc.), it just works better with one.

Bias notes:


I don't Bias against any of these consoles, why? Because I'm a PC gamer, why use something which I can't upgrade myself? I don't own (And never have owned) a Playstation, Xbox or any Console.