I'd give Sony's Feb 12th State of Play a solid B, because it was Basically awesome. Tides of Annihilation, Saros, MGS Delta, Lost Souls Aside, Hell Is Us, and MindsEye all whispered, "Buy me." And I just might. Also B for Bruh, my wallet ain't ready.

A good showcase for 3rd party, but it's hard not to be a bit disappointed with Sonys own 1st party showing.

I think it'll be ok. Sony using SoPs ans SGF/ GOTY awards for their announcements. No need to show off so much of their own stuff at one time. 

Looking through the SoP from last year:

Jan 31 - showed HD2 and DS2; announced Until Dawn remake and Physint. 

May 30 - showed Concord, GoWRPC, Until Dawn; announced Astro Bot

Sep 24 - showed Astro Bot, Stellar Blade, lego horizon; announced Horizon remaster and GoY.

Add in the Lego Horizon and Intergalatic announcements, then they should start having more regular announcement schedule going forward.

Another note, I think partnering with Borderlands 4 was a good move.