I don't agree with everything he said but one line did grab my attention, that Microsoft "took the enthusiast gamers for granted" when they went after the casual/soft-core/mid-core/whatever crowd. I think that's pretty much true.
The thing is, had they gone after the core crowd first, had they shown off all those games from the very start, I think a lot of core gamers would have been much less pissed off. As it was, however, their message was kind of, "uh, yeah, you gamers just wait your turn, we're more interested in other demographics right now, we'll get to you when we're ready."
As the video says, that was a big mistake, because we're the ones paying attention RIGHT NOW. We're the ones who are going to make pre-orders and provide word-of-mouth advertising, we're the ones who are going to tell our cousins, co-workers, and friends which system they should buy if they want to play CoD or FIFA with us.
Basically, Microsoft put the cart before the horse. Unfortunately for them, inverted horse-carts don't draw big pre-order numbers.