In retrospect Microsoft's press conference had a lot of padding in it. There was far too much time devoted to marginally improved sports game and services that - while interesting - aren't what most of its audience is after.
Fortunately for you we've gone through archived footage of the press conference and put together a highlight reel summing up the best, and a little of the worst, from the conference. This video will give you everything you need in around three minutes.
Have a look.