Yep, it is, directly compared to the PS4. It has less and up to a point worse exclusives - Sunset Overdrive and a new Halo are on the same level as God of War and Uncharted, but PS4 ALSO has The Order, the upcoming must-for-retro-fans Shadow of the Beast as well as indie mega-titles like No Man's Sky.
And there's something many people forget: Xbox One is "just" Microsoft's gaming system. They support it, but up to a point, like they do with Windows and Office.
PlayStation 4 ain't just "one of Sony's products". It was. Until their TVs and smartphones and whatever else they did flopped. Now, they're full force behind PlayStation as a brand. It's not a product: it's their future. That means bucketloads of money on it, amazing games that HAVE to convince you they're the best, or else Sony's bust (the way they, themselves, see it - as even told in interviews).
So, on one hand you've got Microsoft's "gaming project", on the other hand you've got Sony itself, dedicated to making the best frickin' game system in the world, for its dear life. Who do you think will win? Up to now, it _is_ Sony, as any search for "Xbox One vs PS4" will tell you. The masses chose. And, for once, they chose wisely :-D