I can back the boat up on a few of his points.
The story out of nearly every person I know in the industry, outside of Sony (as Sony employees wouldn't know this), is that the February reveal of the PS4 was a jab to the face of Microsoft.
They had no idea that Sony was as far along as they were. They had no idea that Sony had better specs. They had no idea (nor did we) that they were also behind in RAM. The stories are second hand from third party people who talk to people at MS but they all have said the same thing... Microsoft was coasting along looking at late 13 / early 14 release and thought they had the upper hand on Sony who was only now just starting to make money on the PS3 and would be behind them, most likely holiday '14.
This doesn't explain every misstep along the way, of course, a lot of them were just bad decisions from within. But if someone writes a book about this upcoming generation I think there will be some interesting stories from inside Microsoft about their reaction to the PS4 reveal.
After the February 20th reveal, I shouldn't say this, but I went to dinner with some Microsoft employees. They all claimed that internally at MS, Sony's conference reinforced their vision, and they were unphased by it. I was told multimedia would be the link to the next generation, but I had very little idea that unphased was synonymous for alienating hardcore gamers.