No used games, no borrowing games (if you buy a game used or borrow someone else's, you have to pay a $60 licensing fee), Kinect will spy on you for corporations, you can't use it to play movies for more than like five people (or else you have to pay a licensing fee), Kinect will always be on even though it's awful...
Also, the name. It's their third console, so they're calling it "Xbox One"?
It will also have nearly identical specs to the PS4. So there's really no advantage to having the Xbox One over the PS4, except I think the PS4 lacks all the spying (or most) and the stupid hand motions and gestures and Microsoft's Big Brother Eye watching you via Kinect and will let you buy used games (which is a godsend for a poor like me).
This was inevitable for the "you spend the money for the right to use our hardware and software, we still own the thing you bought" fervor that's taking over the technology industry at the moment.