No conference that shows the beginning of a brand new Halo trilogy is a fail. As for the Kinect stuff, the hybrid games like Mass Effect 3 look fantastic. Give voice commands during combat is a perfect fit for Mass Effect. We may have known about Halo HD and Forza 4, but now we got to see them. Forza 4 looks absolutely visually stunning and we all know that the gameplay will be just as good as before.
Like every E3 I expect each camp to claim the other failed, and in their mind they believe it truthfully. But Xbox 360's future is bright and so are Nintendo and Sony's.