Gonna have to disagree with the OP, the ones I have seen have been awkward and also plagued by a lack of truly exciting news. Part of the problem is their attempts at dangling carrots before the Directs, hyping up incoming announcements, we shall never forget Cranky.
I respect that Iwata is probably the only gaming industry icon that presents anything in such an intimate form but the execution is a bit clumsy, the format seems awkward and there simply isn't enough meat to pack into the Directs, at a yearly electronics and/or gaming convention, it's different since there are so many different players on the scene to show their stuff, no one company on its own is likely to have enough gunpowder to make big blasts several times a year.
It seems like a very Japanese idea to me, and it also appears not to be having the desired effect, given that the desired effect is more exposure and subsequently increased sales. It's not what the doctor ordered and Nintendo still needs to solve the Western market puzzle.
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