I think the thing with the region lock might be true, the Xbox 360 was as well theoretically region locked, Microsoft leaved it to publishers if they want to lock their games or not, they gave the possibility to lock games on 360 and there are a few games that are locked to particular regions but most of the publishers don't locked their games.
So I think it might be the same case this time with the xbox 720. And the thing with the few games on the releas of xbox 360 could be as well be true since every new console launch always with only a few games, this is nothing new and nothing that would bother me. Look at how less game the WiiU had at its launch, it has even now almost no games. The PS3 has for its first 3 years almost no games and the ps4 will have as well on its releas only a few games available.
As long as the rumors with the always needed internet connection and the used games lock are not true for the 720 everthing looks good for the next Xbox in my opinion.