This. There's really not much more to say on the subject we haven't already put out there. It was a weak reveal, and the fact that gaming on a gaming machine takes a back seat to TV and social media bother me.
I'm not 100% jumping ship just yet (because the always online isn't true, but the used games deal disturbs me). We are still plenty of months away from launch, but it's not looking good. I've invested almost 8 years into Xbox Live and have enjoyed every second of it. I'd hate to abadon all of that, people on my friends list, etc (thought they may wind up on the PS4 anyway). But if push comes to shove and this thing turns out to be as horrible as it's looking right now, then I won't be purchasing it.
As a matter of fact, one of the only reasons I chose Xbox over Playstation was because of Halo 2, and the fact that the 360 came out first. Now, Halo is a shell of what it used to be, and MS doesn't have enough Xbox only IP's in which I would feel left out if I missed out on them.