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The showing Kinect looked cool.  I can see what Microsoft is going for with the presentation.  I think they may be onto something and can see how what they have is a casual gamer's magnet (ESPN was a plus).  They showed some of the top core gamer stuff also at the beginning.  This being said, however, I count there being a bunch of fail in the press conference.  Ok, maybe you evaluate the entire E3 and announcements, but I see here as fail:

* The announce the new system, but no price cut on it.  This was a fail from the press conference.  Fortunately there was some sort of price cut announced afterwords.

* No mention of anything over Arcade, Indie Games, or Game Room.  This is a fail for me, particularly regarding Game Room.

* No sign shown for any core gaming using Kinect, ALTHOUGH I have this feeling that Rising is likely to use Kinect, for some reason.

* WAY too much Kinect stuff shown.  Well, on a personal level, and in the mind of what would be for core gamers.

* No mention of price of Kinect.

As for the rest, well any fail is a fail because I can't remember it.