I don't know how I feel about it. They're intending for it to be more of a home entertainment all-in-one box, with a major focus on television. I don't like television, I like videogames, and the only videogame they showed was the new Call of Duty, which separates itself from the pack by having a... dog?
The system must also make at least one connection to the internet per day. They didn't provide an explanation for this, but they did say that "most of the appliances you already own require a constant internet connection to work". This baffles me, unless they figure that "limited functionality" and "completely blocked from being able to do anything" are one in the same (spoiler: they're not).
What really bugs me, though, is the way they're combating used games. When a game is played for the first time, that particular copy's CD key is registered to the Xbox Live account currently logged in. Any other account that tries to play that copy of the game will be required to pay the full MSRP of a new copy. In theory, this means I could buy a used copy of Halo 5 for $30, but in order to play it, I'd have to pay an additional $60, meaning my used copy of Halo 5, in order for me to play it, requires that I pay $90.
As far as the conference goes, their TV functionality stuff is cool, I guess. I'm not into sports or television, though, so maybe this console just isn't for me. There were no exclusive games announced apart from a teaser for a new game from Remedy that was too vague to catch my interest.
Playstation 4, I feel, suffers from a lot of the same issues as this. Both of these game consoles are focusing heavily on something other than games. In the case of Xbox One, it's television. With the Playstation 4, it's social networking. I'm no console fanboy by any means, so I don't say this with the intent of starting a flamewar, but it seems to me that the Wii U is the only true game console of this new generation. Playstation 4 has some interesting-looking exclusives, I'll give it that, but I fear that too many of them are going to fall into the realm of "dark, gritty, mature-rated, generictastic", and the same goes for Xbox One.
I would say that I am most disappointed about the false watercooler promises. They said that Xbox was about to become the next watercooler and I'm STILL THIRSTY.