I have to say, never before have I been so clearly divided between two models of gaming. I fully believe that the open nature of Valve's steambox coupled with the upcoming commercial birth of virtual reality is the correct path of evolution for the medium, and meanwhile I think everything microsoft showed is the wrong path. I eanestly believe, ultimately, VR will be the dominant technology coming out of all of this.
My dream scenario would be that, whenever valve formally announces their first-party steambox, they announce a full partnership with Oculus. An enormous one-two punch.