I got to watch most of the Microsoft conference during my lunch break and overall I was pretty impressed.
They started by announcing the Xbox One S with 4K output and 4K blu-ray support. At $299 I think this may be one of the cheapest blu-ray players with native 4K support (not just upscaling from 1080p).
They also officially announced the more powerful Project Scorpio Xbox One for next year. Surprisingly this is supposed to have about 4 times more GPU power than the original Xbox One and it's supposed to have support for 4K gaming, which is tough right now even for PC. The $600 Nvidia GTX 1080 GPU can't maintain 60 FPS at 4K without turning some settings down so I'm skeptical that they will be able to release a console at a reasonable price point that can do it. Then again, most console games shoot for 30 FPS so if they do that only half as much GPU power is necessary. They also never claimed that all games would render at 4K so it's very possible that more demanding stuff like Gears of War 4 will render at 1080p and upscale to 4K.
The biggest thing for me was the announcement of their
play anywhere program though. This allows you to buy a game from either the Windows 10 Store or the Xbox Marketplace and have access to it on both Xbox One and PC. It also provides cross save support and cross platform play. This means that when Gears 4 comes out and
yourbeliefs rents the Xbox One version from Gamefly and I buy it from the Windows 10 Store we can play the co-op campaign and horde mode together even though I will be on PC and he will be on Xbox One. They specifically didn't mention the competitive multiplayer when they were talking about this cross platform play stuff for obvious reasons.
As someone who plays on both PC and Xbox One getting access to basically every Microsoft published games going forward on both platforms is awesome.