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M$ has alot of core exclusives coming as well. 

They just went for the casual gamer this E3. They didnt have time to show their others. 

As a Hardcore gamer it's easy to see why M$ had a poor conference. But from a business perspective ( which was there aim this E3 ) they had to sell Kinect to the casuals. Thats what they did. The games may appear kiddy, and casual crap to us. But the reality is they nailed the right games for Kinect to succeed. They want a piece of Wii's pie. 

Dont forget core wise M$ has

Gears 3

Halo Reach

Fable 3

Crackdown 2

Forza challenge

Cryteks Kingdoms

Exclusive timed on COD DLC for 3 years.

Decco

And that was in the conference. 

There is more on top. At the show, but not in the conference.