There are bits I like and bits I don't like. The execution is fabulously smooth and seamless. The style is dull and ugly. The Skype over video is very smart and what video calls really needs. The video tracking you is clever and a smart idea, but I do feel the urge to clarify that it's via cropping and scaling a 1080p feed. The undoctored image is going to be a very wideangle 1080p image, and there's a slice from there, somewhere between 480p and 720p in resolution (would have to measure amount of travel to calculate). I don't have any problem with that, but I like to be exact, and I think saying the 'camera follows you' suggests the camera is moving, but it's completely static and it's the software that follows you - a distinction no-one else probably cares to make, but it does mean you don't get a 1080p image centred on you but a cropped one.
I don't understand the multitasking aspect though. I don't see what's wrong with pressing a button to the menu and navigating to the desired app. Kinect seems gimmicky in that regard to me. It's not really adding to the experience, just changing the interface slightly. The speed advantage is irrelevant unless you spend your time hopping from game to TV to web browser to chat to game. A simple button press to the access the desired activity is fine.
The voice search for channels was very clever and valuable. No more scrolling through lists and trying to remember the channel number.
But all in all, I can't help but feel MS should have made a TV box rather than a console. If it's only using 1/10th of XB1's HW, they could have created a $150 solution that's just media and entertainment without the games. It'd have a lot more appeal and could work alongside any other console or device. Piggy-backing off the XBox console has just driven the cost up massively. I can only assume we'll see the TV box before too long once the launch is over. If MS could put the depth camera in a tablet and have a docking bay, they could be onto a winner.