Whereas Microsoft went to the biggest built-up launch event in all of gaming and told all the gamers waiting on the edge of their seat and gave the impression that they cared more about the set-top box market instead and the Xbone was going to lock you out of even disc games that you buy unless you give it a 24/7 phone-home kill switch. Oh and if the cloud thought that your IP address looked like it came from the wrong region you were DoA too.
To be out-consumer-friendlied by Sony of all companies, ouch that stings.
Disclosure: MS employee, not in Xbox, my own opinion only
Could be related to a ruling by the European Court of Justice last year, by which "An author of software cannot oppose the resale of his ‘used’ licences" http://curia.europa.eu/jcms/upload/docs/application/pdf/2012...
This could also lead to permanent license transfers being possible (possibly enabled via Steam's existng community marketplace, where Steam takes a cut of the sale of virtual goods--and perhaps more advantageous for Steam, sellers on Steam's community market don't get cash; they get credit that can only be used on Steam).