Picking a winner here is tough, as both services are nearly identical.
But if you really want to go all out, you can also sign up for PlayStation Now, which lets you stream a collection of older PlayStation games (including hundreds of PS3 hits) to your PS4 starting at $20 per month.
Having a PS Plus membership also unlocks a rotating collection of free games each month– typically at least one semi-recent AAA game, plus a critically acclaimed indie game – as well as discounts for members. In the UK, the best-value package is £39.99 a year, although you can opt for lower value one-month-only deals. PlayStation 4 has a similar service in PlayStation Plus, which will run you $60 annually - until recently it was $50 - and is required to play games online. For more variety, there's also EA Access: a separate, $5-per-month subscription service that lets you play select EA classics and gives early access to new EA releases. Games with Gold (opens in new tab) is a rotating selection of free games for Xbox One and backwards compatible Xbox 360 games that changes each month and Deals with Gold is just what it sounds like: exclusive discounts on games. A Gold subscription also unlocks Games with Gold and Deals with Gold. In the UK, expect to pay to pay £39.99 for a yearly Xbox Live Gold subscription (opens in new tab). It's possible to buy one-month's access ($9.99) or three-month's access ($24.99) if you don't want to commit, but the value is worse.
Xbox One's subscription service, Xbox Live Gold (opens in new tab), will set you back $60 annually and is required for playing games online. You're offered a variety of (sometimes free) games and online offers by signing up for either a PlayStation Plus or Xbox Live Gold subscription.
That said, the PS4 Pro offers a serious power upgrade for $100 more. Xbox One controllers are also a bit cheaper than the PS4's for the Player 2 in your life, and the Elite controller is probably the best you can get your hands on. Both consoles boast similarly priced bundles with their new slim models, but the Xbox One S offers better value when you you consider its 4K Blu-Ray player. To keep up to date with the latest bargains, check out our regularly updated best PS4 bundle deals (opens in new tab) article. We'll cover this more in the next section. Again, you'll probably want to drop $60 / £39.99 annually for a PlayStation Plus membership to play online. Speaking of the powerful mid-generation upgrade, the PS4 Pro (opens in new tab) costs $400 / £359 a competitive price when you consider it can deliver 4K gaming thanks to clever upscaling techniques. Alternatively, you can get the original PS4 with Drake's final masterpiece for around $280 / £250, though expect prices on launch models to drop significantly in the following months as people start selling their old machines to buy a Slim/PS4 Pro. You can buy a 500GB console with Uncharted 4 for $300/ £259. PlayStation 4 Slim bundles are priced near identically to that of the Xbox One S.
For now, it's worth flagging that a recent Xbox One S promotion gives you three months of Xbox Live Gold for free (opens in new tab). We cover this in more detail in a following section. Keep in mind you'll probably want to cough up an extra $60/ £40 annually for an Xbox Live Gold membership to play online.
There are some insane deals doing the rounds too, as you'll find in our regularly updated Xbox One bundle deals (opens in new tab) article. Neither of those models come with the (now largely defunct) Kinect camera. If you want the Xbox One S that'll cost you $300 for the 500GB version (usually bundled with a game), while the 2TB launch edition Xbox One S goes for $400. That gets you the console, a single controller, and a 500GB hard drive. With Xbox One S now the standard model, you can pick up a certified refurbished original Xbox One for around $200 (assuming you live in the US). Everyone loves a bargain, but the key battleground here is value – which console is most closely aligned with your needs?