For gaming, the PS4 is the better system. It's more powerful than Xbone ( faster RAM , better graphics chip, smaller OS footprint = less performance overhead, etc) plus I think Playstation has better exclusives.
For multimedia, the Xbone is better. It has a slicker UI with TV integration, snap feature, has more app support, it supports media playback from a thumb drive and the October update will allow multimedia streaming through your network. That's not to say PS4 won't have some of the features in the future but right now X1 is clearly killing PS4 in this department.
So really it all boils down to which is more important. Games and performance or multimedia functionality.