After the press conference, I can understand why Microsoft decided to make it very dependent online, beyond the DRM. They actually are trying to push devs to do stuff with the cloud, and I think that Microsoft had to make a tough decision to make it always online and is trying to stick to what their vision for the future is. Doesn't mean I like it, but I see it as more than just senseless DRM now. I'm still hoping that they'll eventually patch out the 24 hour ping and just make online features unavailable to non-connecting users. Hope the used game thing works itself out, too (though I rarely sell games back anyway, and usually buy new).
I clapped when I heard about the two free games a month. Means I can sell my old copies and make some cash back.
I liked that it was all about games. Ryse looks cool, if not over the top on QTEs. MGS5 was awesome, though I'm not big on the series. And, of course, I'm excited to get another Halo (Master Chief wins at my panties). I was impressed with the games. Likely won't use any SmartGlass compatible stuff, but it's a cool feature, I guess.
Overall, the conference was kind of subdued. Any energy was forced and painful to watch, especially the Killer Instinct preview. That was awful.
My verdict? Eh. I'll get one eventually, but certainly not full price and not at launch. In the meantime, I have Steam.