I was dissappointed in all the platform holders presentations this year (thank God for the 3rd party publishers).
However, I was particularly disappointed in MS' conference. Aside from H4 looking superb, another gears didn't interest me, and the rest of the stuff they showed was uninteresting and services most of which are irrelevant to people outside the US.
MS no longer instills me with any hope that they'll be able carry their next-gen console with first party developed and first party published content for core gamers. Their focus has been purely on entertainment and casual stuff like Kinect for the last few years with xbox360. Regardless of how good games like Halo, Gears and Forza might be, a first party cannot just keep recycling those franchises ad nauseum, and barely make any attempts at investing in future franchises.
Next-gen will be even worse than this gen for securing 3rd party exclusive content. So if Xbx720 launches with nothing but the same Halo/Gears/Forza, and then all the same 3rd party stuff but with some extra timed exclusive DLC, then it would not be anywhere near enough to persuade core gamers at launch, especially up against Sony's next console, regardless of any performance difference.
I know that they've formed up quite a stable of new first party dev teams more recently. But imho they should be getting those teams working on current-gen stuff to release at least a year before the 720 hits the market. You can't start investing in your first party dev stable so late in the gen, without any of them aside from 343 actually shipping a game, before giving them next-gen boxes to work on and expecting blockbuster AAA products worthy of 90+ critical ratings. If their new studios first games next-gen tank, then they'll literally have nothing in the way of providing exclusive developement support for their next console.
Worst of all, if Sony's next console is able to support all the social gaming features of current XBL (absolutely will happen), without charging any extra for them (possible although Sony would probably tie them into PS Plus), then without meaningful and proven exclusive franchises/in-house-developers, nor their on-line platform advantage they had this gen, they would really struggle to provide gamers with any reason to opt for Xbox720 over Sony's new box, even if their console is slightly more performant.
They've given themselves far too much to prove for next-gen now. You can't sell an expensive games console as a all-round multimedia box to core gamers without core gaming franchises to justify choosing your console over your competitors. This conference, together with the general direction they've been headed for the past 2 years, makes me think MS' won't be able to repeat the easy win they achieved ove Sony this gen. I just don't think they're properly prepared for next-gen at all development-wise. And that's the area where i think it will really really matter