Why is that unrealistic?
Why shouldn't we? If they want to skip e3, it is ok to expect something in the first half of the year
They are skipping E3 but that doesn't mean this was the only thing they will do for the 1st half of the year. I'm sure, as it was stated, that they will at least have another State of Play before or at the time of E3, and/or something else too to compensate for not being on stage.
They are trying to mimic Nintendo Directs, so yeah, Im going to compare their "State of Play" to those.
Wether it was wise to have expected something out of this is another discussion entirely.
It's fair to compare them to Directs since they are indeed very similar, but this was their first one. I remember the first Direct not being so hot either.
Let's be optimistic, but not so much that we set the bar super high up and end up being disappointed by our own expectations.