The only cool thing that came from Kinect, IMO, wasn't even so much gaming oriented as much as it is an attractive gimmick. I'm down with telling my 360 to do things just for the novelty factor alone among other things. I'm not down with Kinectimals (though it is cool how it works and is probably their only ambitious Kinect project) or "me too" Wii software (seeing as I own a Wii), even Sony's Move which is more of a Wii clone than Kinect at least showed some original titles not entirely derivative of what has largely been on Wii since the beginning and they looked fun to play. (why the hell something like Sorcery has yet to be done on Wii is beyond me, but is something I was hoping to have seen years ago)
Otherwise, the stuff that was expected, Gears, Reach, Black Ops and so on and so forth will no doubt be awesome, but Microsoft's conference wasn't amazing in any sense. Very much "by the book" when it comes to the stuff people cared about and a disaster everywhere else.