I had this exact same problem. I literally sat down and went over every issue, before coming to my own conclusion.
I have a fairly reliable internet connection, but I also moved house this year and didn't have the internet for nearly a month. I don't like the idea of my incredibly expensive gaming machine being worthless should that happen again.
While it honestly wouldn't be problematic from my end, what if people decide to hit Microsoft's server farms with DDoS attacks - exactly like what happened with Sony - and bring down their servers for a month?
Being reliant on the internet isn't a problem, until there is no internet. And it's a two way road, reliant on Microsoft being always online. Forever. It's introducing a problem that we don't have now and, honestly, it's not giving me any benefits in return.
That's not even covering the ethical implications of treating your entire customer base like criminals.
The used game issue is also one that doesn't effect me, as I generally by my games new anyway. But, I do buy used games - especially if there is a fairly robust used game sale going on, giving me an opportunity to buy a game I otherwise wouldn't have. With Publishers in control of the used game market, retailers wouldn't be able to introduce those types of sales anymore - meaning I have access to fewer games, and I'm less likely to discover new IPs as a result.
And that's not even covering the ethical implications of removing the concept of ownership and denying said ownership to your entire customer base.
The TV functionality and Kinect inclusion also doesn't effect me - but that's kind of the problem. It should effect me. It should scream out to me "This is why you want an Xbone", that all of a sudden not having these features makes my life worse. Instead, I can't access the TV functions because I'm not American, and Kinect has been basically ignored by Microsoft save for it's voice commands. For all of the song and dance Microsoft have made about these features, and the dramatic impact it's had on the console's retail price, they've utterly failed to explain why I should pay for it, other than because they want me to.
As for the games, virtually all of their major titles so far are multi-platform, available on either the PS4 or PC, or both. And since the E3 conferences, and the unprecedented backlash Microsoft have received, many Developers and Publishers have indicated a strong desire to bring their games to "other platforms". This isn't exactly filling me with confidence. Their one saving grace is also my favourite gaming franchise: Halo.
Believe me, I sat and looked over my large collection of Halo games - I own every one released at retail - and asked myself if I could give up on such an amazing universe. Ultimately, I decided that it wasn't me giving up on Halo - it was Microsoft giving up on me.
After looking at what the console cost, what I received in return, and what I had to give up in order to play inferior versions of some games, most of which will be made available on other platforms... no. There is no logical, reasonable or rational way to justify the Xbone.
They done goofed.