What do you actually pay for with Xbox Live? As far as I can tell, all the voice chat, friends list functionality etc is built into the console firmware and the games are all peer to peer - so the payment is 100% profit for Microsoft.
* Mottos for display on gamer profiles
* Game achievements, which are earned during gameplay
* Reputation rating which is voted on by other players who decide to either prefer or avoid another player
* Gamerscores, which are a total of a player's achievement points
* Friends list, which is a list of a player's chosen friends, up to 100 friends allowed
* Recent player list, which lists the last 50 players a user has played with
* Complaint filing system, which allows a user to report another user that has broken that Xbox Live Terms of Use
* The Xbox Guide, which opens a window on the left side of the screen at any time for easy access to common features
* Windows Live messenger integration
* Access to Xbox Live Marketplace content, including new game content, games and movies
* Voice Chat (wireless or wired headset required)
* Video Chat (Live Vision camera required, with headset optional for chatting, this is on Gold membership only)
* Multiplayer online gameplay (Gold only, unless a 48 hour trial code is used)
* Enhanced matchmaking using cumulative gamerscore, reputation, location/language profile, skill level, and gamer zone
* Bio section in which one can list personal interests, URLs, etc.
* Parental controls, limiting children's exposure to other users ("Family Settings")
Also full downloadable movie and full Xbox 1 games.
There is probably more but I just snagged that off the Wiki page. I'm not making excuses, just answering your question
"Decent" voice comms is obviously a matter of opinion...the sound quality coming across those mic's is pretty bad. Does the codec depend on the game?
Have you actually used voice comms over Live? The sound quality is fine, I've never had a problem with it and I'm sure many others haven't.
I don't mind paying for Live, at the moment. I do feel it's too expensive though but I wouldn't pay full price for it anyway.
I understand that a lot of people might not use the features of Live and wonder what they're paying their money for but there are lots of people that do use a lot of the features, such as in game messaging and voice chat. I use both of those frequently.
Live is just so easy to use. Say I'm playing a game online and I see one of my friends come online and I want to invite them to my game, as the 'xxx has come online' message appears on the screen I hit my guide button then hit 'Invite to game' job done.
As PSN / Home gets better and becomes a unified service with in game XMB MS are really going to have to do something with the pricing, as it stands right now Live is still the better option.
Oh, and there are lots more people playing online on Live than there are on the PSN. For now.