Well, I'm gonna chalk that Direct up as a moderate disappointment. I don't personally care about the online stuff, but the super restrictive parameters for the quasi-ranked matches looks like a big turn-off. And I'm sure it'll piss competitive folks quite a ways off that they purposefully didn't put in straight fight rankings.
And damn, the summer release speculation was half right in the worst way!
Separating the transformation characters seems like a good move, though I really hope they're not wasting roster slots on Ivysaur and Squirtle.
And finally, the new character reveal, blech. Some fugly Pokemon I've never heard of! Hooray.
Given that the 3DS version is dropping soonish, I think we're approaching full foster. I predict two newcomers for E3, one of which is certain to be Mii.