If there was a demonstrably working box, I could convince myself that all the demo footage was real and that price and release dates are mere details to be announced later.
Without a box, the entire presentation smells of vaporware. Now that all the tech specs, pretty videos, and release(?) titles are out there, it's going to be hard for me to still be excited 9 months from now. When (if?) they do eventually show the box and name a release date & price, I'm unlikely to be impressed with anything less than a Half-Life 3 announcement.
I suppose that, at the very least, they've put all the developers on notice that those games had better be ready when the PS4 is.