I can see that ditching Xbox might make sense, strategically. A company like Amazon might be better placed to exploit the Xbox product as a channel to sell you stuff in your home.
Any future strategy for office must still involve a hosted version on the interweb, as well as native code for those that want it, regardless of host operating system. So I assume that runs on Azure (does it?).
So if Bing is somehow core to Azure then they would need to keep it - otherwise I cannot see it as worthwhile; how much better does it have to get before people would start to use it? Probably it is good enough as it is - the reason it doesn't get used is because so much traffic is forced to google, not because Bing is somehow worse at searching than Google. It's just never going to be cost effective to promote Bing to the point of profitability.
I wonder whether MS operating system group could go RedHat - allow the operating system to be installed for nothing and then charge for support; the enterprises are hooked either way and I am sure MS could work pricing out such that it's more or less the same to the average enterprise - it would remove the "MS-tax" from PC (in whatever form factor) sales which might breathe a little life into that dying market. What they lose in one-off O/S sales they might get back in support subscriptions from the enterprise at least. As the PC market declines, this must surely be a diminishing revenue stream anyway?
Of course if you want Exchange or SQL Server, those would still be licensed somehow - i.e. no free version - but again they could be licensed. Then the route is open to hosting SQL Server and Exchange on other operating systems. Net result could easily be a win (regardless of what you think of those products vs competitors).
Just thinking out aloud.