Speaking as someone who has games on both XBLA and PSN...
Microsoft came out strong, made a lot of promises, started to deliver, then dialed up the restrictions while dialing down the returns to the point where indies can't reliably deliver and profit from their content on the platform.
Sony was from the outset had much better policy, had the pub fund, and allowed much more creativity and experimentation, but never got sales on the platform anywhere near where they needed to make a strong case for developing for PSN alone. Nothing they said in their PlayStation meeting was meaningfully different than what they already allow, but their tone was encouraging of an intent to further improve.
Both are miles behind where Android, iOS, Steam, etc already are today in terms of a developers ability to build, deliver, and monetize content in either ease of process or developer control.