The swordfighting looks like a big step down from Resort.
That did look bad, but Ghost Recon was cool, aiming with one fist and opening the other to fire, the customization of the weapons, etc. There's still a ways to go before that is a 'mainstream' control scheme, but it looks promising.
Then there's the voice integration. The first thing I thought of when I saw that was; 'why didn't Nintendo think of that?' With the WiiSpeak you would think such game integration was almost obvious, yet classic Nintendo dragging their feet.
Beyond the 'in your face Nintendo' aspect, the TV aspect of Xbox is going to massive. There are three major players in the software market right now; Microsoft, Google, and Apple. All three of those companies are trying to dominate each market, and expand into new ones, most especially the TV market. Google and Apple have their TV devices which are popular despite their limitations, and now MS steps in and says to the millions of people who have a 360; 'don't worry, we got you covered.' Why would anyone with an Xbox have a cable box if they can get the same content (and more) from their Xbox? If MS can get enough people on board (an unfortunately large if) MS may have created the one box to rule them all. Or at least, the software structure that it can pass on to multiple devices.