So far it was a decent presentation. Nowhere near as good as the Playstation 4's. Sony focused more on the system itself and the gameplay whereas MS just kinda spread it out. The kinect stuff was pretty damn cool though.
I'm not overly impressed by what they showed game wise because it all just looked like cinematics and not actual gameplay footage apart from Call of Duty Ghosts. So far it looks cool but I'll definitely be interested to see what they can churn out in a couple years when they really have a grasp of the system.
The system itself is actually very bland. The Xbox and Xbox 360 had a unique look and you could pick them out of a lineup no problem. This system is just a big black box. The controller is decent and I'm glad they went with the classic style Dpad instead of the current one.
The name is honestly pretty stupid. It just goes to show that they're more focused on an all around entertainment system as opposed to a gaming console. I would of preferred Xbox Infinity. Infinite possibilities, infinite uses, etc. So many catchy tag lines.
As for the rumours. There's one of two possibilities. One, they aren't true and they chose to ignore them. Or two, they are true or somewhat true and they didn't want to announce them today because they would completely overshadow everything else in the presentation. All anyone would take away from today's show is it requires Internet and no backwards compatibility. Rest be damned.