Today's conference may not have been everything one could ask for, but it's important to remember that this was extremely close to Microsoft's E3 press conference so it makes sense that some things were left for that event in three weeks' time.
One announcement that leads me to believe that Microsoft's E3 press conference could be one of the best is the announcement from Phil Spencer today that Microsoft Games Studios is hard at work on 15 exclusives which will be released for the newly announced Xbox One within its first year on the market. Today's conference only showed two of those exclusives so we still have 13 games that Microsoft has to give more details on come E3. Sure, these won't all be blockbusters, but it's a promising sign that the upcoming conference will be more games and less TV than today's.
For reference, here's a link to all the studios in Microsoft Game Studios that these 15 exclusives will be coming from.