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My feeling is that this conference showed their strategy outright. A box for your living room that does everything. Games aren't a high priority, and those that do exist will be a series of quick-time events and cutscenes to be as close to a movie as possible.

You say 'E3 is for games' but do you not remember MS conferences past? The mainstream media still watch it, half the show will again be turned over to non-games. The "15 exclusives" will be true for the first year of Wii U but no one would say it's a great year for them.