I was sat there watching last night's stream and I couldn't figure out, for the life of me, who it was intended for. Given the size of the event it was only ever likely to attract a fairly niche audience, but that contradicted horribly with the mixture of minor new announcements and repeated trailers from E3. It didn't help, of course, that most of the significant announcements leaked before hand, leaving, well, almost nothing new at all. Case in point, the crossplay Sea of Thieves announcement... but anyone who was following Sea of Thieves closely already knew it would feature crossplay.
Ultimately this felt like a stream for hardcore Xbox fans that are, frankly, already elated with what Microsoft are providing. For anyone unconvinced or unsatisfied, this was a total joke. There's no doubt that Microsoft understand the problem when it comes to exclusives, there's just no evidence that they are going to fix it.
When you make a presentation of any sort, you need to know who your audience is. Microsoft haven't had a clue at any point this generation and this stream suggested they still don't. I didn't expect much from the stream, admittedly, but I still came away underwhelmed and cringing at the presenters.