Overall, an okay-ish show. I must say, I really like the Microsoft style of presentation - very briskly paced, demo after demo, not too long on any one thing. I'm sort of surprised they didn't show more multiplatform stuff like Batman Arkham City or Bioshock Infinite, though.
As expected, Kinect was all encompassing, and I'm still not convinced. It's pretty obvious that nobody can be that ambitious when there's no buttons to press. The demos for Mass Effect 3 and Ghost Recon: Future Soldier, while kinda cool, illustrate this because the Kinect is serving a superfluous role. Are people really going to be rushing out to buy a Kinect so that they can talk to their squad or assemble a gun... and that's it? Same with the Kinect Fun Labs; that stuff was high concept and looked very impressive, but unless they show some interesting things to do with that gameplay wise, its appeal is somewhat limited. Finally, I know people said that the Wii isn't for the self-concious, but this is not for the self-concious. I can't imagine speaking to an Xbox and not feeling completely ridiculous.