As if it hasn't become evident over the past couple months, they really did it with today's conference. Not a single major exclusive will be Xbox only, leaving virtually no reason to pick up the One. On the flip side this is great for current and especially newcomers of PC gaming, however not even remotely close to being a smart move on Microsofts part seeing how far ahead the PS4 is in sales.
The slim version of the One was an expected move, and we all knew about them making an all new, more powerful system, but Sony is up to the same game. The best thing they could have done was to buy some big third-party exclusives, which they really didn't do.
I think this is still a great time for gaming however I believe we are currently witnessing the downfall of Microsoft being a major player in the console market. A powerful system and big exclusives are what sells, neither of which Microsoft has right now.