I can't help but think how effective that RE3 reveal could have been if it hadn't been leaked beforehand, but that's not the fault of the State Of Play itself.
They're definitely improving, but they're still not there yet. A brief teaser of Ghost of Tsushima leading to the Game Awards doesn't strike me as a great idea, because it doesn't work as a reveal - we already know about the game and have already seen a bit of gameplay - and it doesn't - as far as I'm aware - give us any more information about the story, it's literally just a pointer to "go here for the real news". It's not been in limbo for quite long enough for me to simply get excited about the acknowledgement that it still exists.
As for the other games; a selection of quite interesting things, which helps. It's hard for me to get too excited about the KH DLC, but I'll completely concede that that's largely because I'm a long way behind on the series - the last title in the sequence I played being 358/2 days - so I've got some catching up to do before that's relevant to me. I really wasn't feeling the VR title, and I'm not quite sure why; I think it had a bit of a 'tech demo' feel to it; beautiful and alien, but hard to establish the concept of the game beyond 'watching something beautiful and alien'; it's a wee bit "early reveal of No Man's Sky" in that respect, but there's ample time to build on that.
Dreams is looking more and more intriguing whenever I see it, but it - indeed, most of these games - are always going to have a little bit of a stigma of "...do I really want this game on PS4" hanging over it; again, though, that's not the fault of the format as much as it is the timing.
I think that's a big elephant in the room here; it's hard to get too excited over big games because the context we'd need to think about them could change wildly in the next twelve months. The smaller and more indie titles do look quite exciting, although they could have done with rather more "Available Now!" things (and maybe less emphasis on "Available to preorder Now!", but that's the nature of the modern industry); I think the only one there was Untitled Goose Game, and I've already played that.
I'm a little surprised - in part after last State Of Play - that the didn't take a moment to make an announcement about upcoming Playstation Plus titles; it strikes me that briefly underlining "Hey, and here's what persistent Playstation loyalty will get you" would help a viewer feel involved in the ecosystem. Of course, this may depend somewhat on what they have available in the pipeline for PS+!
