What's Hiding Behind Xbox One's Golden Paywall?

I came into today's announcement wanting to be impressed. Hours later, I'm frightened.

I've owned a PS3 for the past three years, but with neither the PS4 or the Xbox One hvaing backwards compatibility I saw an opportunity to let each camp make it's case and I would decide on their own merits.

Sony's announcement a few months ago was hardly exhaustive, (we haven't even seen the bloody system), but I kind of know what to expect in some ways. What I mean is, I've grown accustomed to not paying for the privilege of multiplayer or streaming services.

My question to you, The Verge community, is this:

What features or services do you think Microsoft will make exclusive to Xbox Live subscribers?

I'm firmly in the camp of not paying additional monies to use my Netflix account, and I wouldn't expect them to shut down the gigantic revenue stream that is Xbox Live, but without a clear definition of what is free and what isn't I'm not sure I can clearly say whether or not I'm ready to throw myself into the Xbox One camp.