It's a game console. The purpose is to play games. Wait for the games.
As a total Xbox 360 fanboy, that's not the impression I got from this event at all.
I realize Microsoft and its partners will show off more games at E3. However they seem to be heading down a very wrong Google TV path with the XBONE's media capabilities. As one of the rare people who actually uses the 360 as a HTPC media extender and streams videos with it from my NAS, but who doesn't have cable TV, none of the new functionality appeals to me as most of it will likely be tied to having a cable subscription if history is any indicator. This is the same reason Google TV is far and away the worst electronic gadget I've ever purchased (got it cheap, still felt ripped off.) One would think that Microsoft would have taken a long, hard look at Google TV's crash and burn before seemingly modeling their new system's media functionality after it.
As for the games shown, nothing there appealed to me either...a fucking mo-capped dog and EA's inexplicably ugly renders of sports games that will likely never live up to the hype (remember the original 360/PS3 Madden renders?) is not something I would be touting as something only the next-generation of consoles can provide. If it's going to be mostly cookie-cutter sequels with slightly enhanced graphics as it has been for a few years now, I see no reason to purchase any console and will go all-in on PC gaming instead--at least there people are attempting to make games other than shooters, sports and racing games.