Much like with Microsoft, I think Sony really believed they'd knocked it out of the park here. They've stated in their recent report they're aiming for two big releases every year. This is their "phase 2" strategy played out: two big exclusives, lots of new announcements, and new hardware. I bet there's a lot of head scratching going on for Sony right now.
Well, apart from Starfield and Forza, we don't really know what else is happening with their other developers. All they need to do is show off one new AAA game that looks good, and they win by default. But, if anyone can fuck up a home run, it's Microsoft.
Open the show with a full match of Halo Infinite's Battle Royale mode complete with cringe esports commentary, transition into a Sarah Bond PR monologue that goes on for far too long, forty minutes of overly long trailers for 2D metroidvania soulslike lovecraft-inspired indie games, logo reveal for Indiana Jones which lists it as a cross gen title, close out with a "one more thing" to show us 30 FPS gameplay of Perfect Dark that reveals its borderlands-esque artstyle and its marvel-tier quips from NPCs that.do.not.ever.stop.talking. Snatching defeat from the jaws of victory is their MO at this point