Most annoying to me, is we're 30 minutes into the reveal, and they've still not discussed games. Literally, we've had about 7 seconds of a game playing in the background. As far as I people can tell, this would (so far) seem to be a voice controlled cable box. Oh, and it looks like a shiny VCR. Bleh. Edit: Ah, at 31 minutes, we have a games developer. Pity it's EA, but c'est la vie.
Do you get pissed at iPhone reveals when they don't talk about making phone calls at all? Of course the gaming console can play games and the graphics will be better as well. The selling point is that it's not just another game console. It's a powerful PC in your living room, it'd be a waste if all it was doing was playing games.
If iPhone reveals had innovations in the way we make phone calls- then yes that would be very interesting to watch. In fact when Apple released iOS6, they did talk about this, ie. regarding how you can choose actions when receiving a call.