If they were actually "panicking", wouldn't it have made more sense for them to have a conference this month to 1-up Sony as soon as possible?
These posts are so funny.
The way I see it is if they were
prepared they would have had a conference within 4 weeks or less of the PlayStation Meeting, that way they could have used PAX & GDC to continue to talk about their console, as Sony did. They also keep themselves active in the next gen conversation for the three months leading up to E3.
I wouldn't be surprised if they assumed Sony wasn't as far along as they were and thought they'd have an E3 (or close to E3) reveal, giving them plenty of time to hammer out their own reveal. Sony blindsided them... hell, everyone... with their Feb 20th meeting announcement.
Don't get me wrong- I agree with your post that I quoted.
Yes, a rushed conference after that when they clearly wouldn't have been ready would have been 'panicking'. Fortunately someone at MS is smarter than that, because it likely would have been a disaster.
Still, just three weeks prior to E3?
To me three weeks before E3 just doesn't give them a lot of time in the spotlight, as Takuya has said in this thread multiple times.
As a major business owner in a competitive market, what would you prefer? Almost four months of positive attention & free advertising via word-of-mouth or three weeks? Once E3 hits, the gloves come off and we have presumably an even playing field.
Regardless of how things pan out, this is an exciting time for those of us that love this hobby. This E3 should be legendary.