Balancing was really a bit off I agree and the brand new big announcements were missing, but, which makes sense since we're right before a new gen and the new titles will be shown next year at E3. There just can't be anything new that they could have shown if it's supposed to come for the Scarlett. Pure logic.
My only real critique is the balancing and that they decided to leave gameplay out almost completely and for that, I blame the current trailer show/direct/fun house/ea play movement. I really blame this bullshit for that, because what Microsoft did here, what you actually could see on the end screen, is that they also move gameplay to single streams and showcases, starting with Gears 5. So they, wrongly, decided "what the heck, we show a shit ton of gameplay in the next 4 days, so we leave it out here and only show announce trailer". And that's the only really wrong decision here.
Still a good show and I'm greatful that they still do a conference.