Of course one would have to jail break the PS4 and run the specialized version of NT that the original xbox ran on the PS4 vice its present BSD, or possibly Win 10 in a compatibility mode or with patch but the point is PS4 is simply an evolved version of that Wintel PC hardware (yes MS as half the Wintel marriage had a hand in PC hardware) and is itself a PC. It could run original xbox games without emulation where it couls not run any generation of prior playstation without emulation.
Politically this is very telling because in 1998 and 1999 Sony was making exagerated and often false statements about the power of its consumer hardware and how its playstation would replace the PC. Fast forward a generation and the Playstation became a PC.
In the first MS console attempt it beat Nintendo, outselling the Game Cube during the console life span. In the second attempt it was on its way to routing both Sony and Nintendo in first half of the elongated console life span but encountered RROD which reduced it to taking share pretty much every quarter of the first half to evetually route both competitors in the second half.
In that second half PSN got hacked into non existence for a whole quarter and at the start of the next gen the larger company (100 TB is more than the movie studio) got hacked and dumped and is still being searched. The Sony was being pushed to sell off the Playstation/entertainment business because it was perceived as an anchor. In the start of the prior generation only a 500 million dollar bribe to Warner kept Blu-Ray alive. Sony had a very tough time of it.
In this third generation (by xbox count) both Xbox One and PS4 are essentially expressions of the original xbox living room PC vision. Nintendo has lost the cycle already it seems. PC itself seems to be reverting into the server room. MS seems to be trying to pull back from meltdown by going a bit more open and trying to consolidate its platforms. It will be interesting to see what Win 10 and directx 12 can do for the platform and see if XB1 has some better backed in secret sauce for streaming games. Game streaming, see Nvidia Grid streaming with the X1 living room Shield console, may be the key to this cycle. It may also be that MS does better with unteathered VR/AR on XB1 witness their forward thinking building in of WiFi direct into their controllers. Kinnect 2 functionality may also be adaptable to VR. Note the MS partnerships with both the Vive team and Occulus team and MS’s own Hololense. To me the what is coming is streaming AR. We may see that with a Galaxy 7 and in the consoles.
These boxes xb1/ps4 are similar to the point they could run each others exclusives and os once both are jail broken- so to speak.