Requires Kinect to be connected to the massive 4 acre console to work.
Won't play used or rented games. Each game has a license that is attached to one person. If you try to play a used game you'll have to purchase a license to play it.
Entire event was spent talking about television and sports and barely mentioned games. Sets a bad tone for what they care about.
Only game really shown was COD which is not an exclusive and looked very mediocre, and they welcomed ridicule by saying they aren't going to "play it safe" this time and are going to do some daring design, then proceeded to brag about one of your squad members being a dog, and fish moving out of the way when you swim. Meanwhile the graphics looked very underwhelming and barely different than current consoles, and easily dwarfed by 2 year old PC games.
Overall, a pathetic event. By comparison, PS4's event showed lots of games and various demos running in real time, at length, and many of them actually did look impressive.
I already didn't plan to ever support MS again (got tired of restricting basic online behind a paywall and got rid of my 360) and now I definitely have no plans to. PS3 and wii u and pc.