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Officially announce the PS3 slim.
Immediate price cut.
GT5 release date (especially if it's this year)
Steal a 360 exclusive (by the way, isn't it strange that Mass Effect 2 wasn't mentioned at all)
"Big Boss" or "Mask" exclusive (still no info on those)
A brand new exclusive (Twisted Metal anyone?)

Frankly, any one of these could put Sony over MS this year. The new MS eyetoy won't be seen for, at the very least, 2 years: very late in the 360's lifeycle. It's either a cheap accessory like the eyetoy, or devs will spend time on this better used to make real games.

MS's conference is actually, in my opinion, barely better than last year's Nintendo.