It was a good console with several great games that died on its arse after two years.
I don't want to pay €500 for a PS4 at launch only for publishers to drop support for it relatively quickly.
Will never happen.. both "big" consoles will be successful and well supported no matter what because both companies can't afford a total failure.
Look at the technical RROD problems the 360 had for much of its lifetime.. MS has sunk much money into servicing/replacing these.
Games developers also won't be able to drop support for one console over the other (barring exclusive titles like Halo for which MS pays through the roof).
So no matter what you choose you will have a console you can use for years to come. All that differs are features both consoles provide.. the PS4 looks to be more concentrated on gaming while the XBO wants to be both your living room media center as well as a gaming console.
In the end it comes down to preference and what offer suits your taste/need better.