Tolerate my digressions and let me for a moment play the devil's advocate :
I honestly think that despite their mediocre reveal, Microsoft is a position of force with regard to E3. They have more first party studios than Sony today, all of which had migrated to next gen development. They also unshackled themselves from the time consuming exercice of presenting services, a task that Sony is still expected to get down to. Finally, they have only one plateform to support contrary to their main rival.
With them announcing 15 new IPs within the next 12 months from their studios alone, one could doubt the capacity of Sony to counter such an offensive.
I agree in part, but how can we be sure that MS will really wake up and release a shitload of first party games when they have been slowly but surely sliding into a more casual focus? The fact that since 2010 MS has shifted considerably in focus and the fact that they added a kinect with every system makes me believe that they will not use all of their resources to develop "core" first party content at the rate Sony's doing it.
I honestly wish E3 makes me eat crow because I really want gaming to evolve, but with a healthy balance. Sony seems to be the only one doing it, so far.