The format was really great since they went full PlayStation Direct in the end, not Inside Xbox at all, just keep it that way. As for the content, I would have qualify this first episode as good if only we had a semi-big game announcement at the end (Demon's Souls Remastered, come on). Closing the show on a game already known, even a powerful one (well in the US at least) is the biggest letdown here. So as expected, the overall impact was pretty average, or even rather mediocre if you're not into VR I guess.
On the positive side, we got a lot of release dates including the long awaited Blood & Truth. Concrete Genie is delayed pretty hard but that trailer was charming. Also, it seems like Ready Set Heroes is produced with a Sony Worldwide Studio ? Robot Entertainment did a PS4 console exclusive with Orcs Must Die before, so although the game does not interest me that's some kind of activity on the external partnership front (same goes for Camouflaj with that Iron Man VR).
Now that we saw the content, I think it's reasonable to expect a State of Play every quarter.