While it seems a tad restrictive, I don't see it as a big deal. As long as they don't tighten up on these rules in the future.
Microsoft said they're very friendly towards Youtubers and such. And they know that videos like Let's Plays are basically free advertising. So I don't think there's anything to worry about.
Worst case scenario: Since they're issuing licenses (As opposed to just publishing general rules), that means they could revoke the licenses. They could attempt censorship of bad reviews if they wanted to. But I see this as very unlikely.
"Never argue with stupid people. They will drag you down to their level and then beat you with experience."
-Samuel Clemens







