I expect some information about holiday sales results.
On the Xbox side of things I think we will see new content providers and apps announced/demoed for Xbox Live and Xbox Live TV services. Maybe an announcement of a optical drive less 360 SKU to test download only distribution. I think a 360 with 320GB HDD and no DVD drive for $99.99 would do well.
Then I expect plenty of information/demonstration about Windows 8 and Windows Phone 7.X. Would also expect demos of integration between Windows 8, Windows Phone and 360.
Its libraries that sell systems not a single game.







