Now that the wait is over, and Microsoft’s next console has been revealed to be the Xbox One, the industry is preparing to make the most of it. More games are being confirmed for the platform as we speak, and more of the…less flattering facts about the new console are coming to light.

There’s no better time to take a breath, have a seat, and weigh the positives and the negatives of Microsoft’s unveiling. The press event certainly didn’t answer every question or set all our concerns to rest, but expectations were as high as they could get.

Here are our own thoughts on the Xbox One, and why E3 2013 may be a make-or-break showing.

After Sony’s PS4 announcement, I went into the Xbox One reveal simply wanting to see the console. I did, and I love the new style. I’ve been through this process before, so I’m well aware the details, gameplay footage and on-stage demos come much, much later.

From a design and hardware standpoint, I’m just excited to see the improvements made to the Kinect and processor. Promises of 8 new IPs and a Halo TV series were just icing on the cake. Bring on E3!

The Xbox One is meeting my expectations. The name is growing on me, the new controller builds upon the best current design and the box-like, sharp-edged Kinect and console design work for me and mesh with Microsoft’s Metro interfaces. Butttt… there are some major concerns Microsoft needs to address.

The presentation itself was problematic, focusing too much on American mainstream things like the NFL, TV guides and Call of Duty, and not providing accurate information and answers to the questions consumers have about the console’s features and alarming restrictions (see: here). The confusing media-trained answers and overuse of keywords from speakers backfired and there’s as much excitement as there is cynicism as a result.

It was slightly underwhelming to hear someone offer me a device that could let me watch TV, play video games, and access social media in a broadcast event I was watching on my computer - which can already do all that. The best feature in show was the option to communicate with the Xbox One by speaking or gesturing, but I can see the gimmick getting old fast, and it’s probably not as expedient as simply pushing a button.

I would have preferred a tighter focus on gaming than entertainment in general - this felt like Microsoft reaching too far in the wrong direction.

Microsoft chose to focus on hardware-specific improvements, which was to be expected for the console reveal.

I’m excited at how fast the new and improved Kinect seems to recognize and respond to human interaction, and with plenty of unannounced games on the horizon, E3 is simmering with potential.

The Xbox One reveal played out exactly like everyone should have expected it would. Microsoft laid the foundation with its new console at the May 21st event, and at E3 in just a few short weeks it’ll be presenting a wide range of software that’ll be hitting the Xbox One.

Punches were definitely pulled, but I’m confident they’ll hit their intended mark next month.

My guess is that Microsoft wanted to get everything hardware-related out of the way in time for an E3 software bonanza; if that’s the case, then yesterday’s damp squib of an event can be forgiven.

As a fan of sports games I was disappointed to see just how rubbery some of EA Sports’ next-gen graphics appeared . If that’s the gold-standard they’re shooting for, then count me out of FIFA 14.

With only an hour to work with I didn’t expect much out of the Xbox One reveal, but what we got was enough to keep me interested, even if the presentation was short on games.

Yes, I would have liked to see at least one game, any game, played live, but I imagine there will be plenty to play come E3. Exclusives are where Microsoft will win or lose gamers in this generation, because if it’s multiplatform I might just go PC this time ‘round.

The entire time I watched the Xbox One presentation, my mind kept wandering to Jurassic Park. Weird, yes, but let me explain. I couldn’t help but notice how similar Microsoft’s handling of this new next-gen system was to John Hammond’s theme park; it felt careless and somewhat disrespectful - to certain demographics, at least.

I felt they put far too much time into turning the Xbox into an entertainment center, forgetting about what it really is: a gaming system (“They were so preoccupied with whether or not they could, they didn’t stop to think if they should”). And finally, the news that trading, renting or buying used games may be at an end. To this I say: “gamers will find a way.”

Those are our initial impressions, making it clear that we expect Microsoft to show plenty of games at E3 2013. Cinematic trailers and promises of over a dozen exclusives in the first year of release is all well and good, but delivering worthwhile games is easier said than done.

What was your first reaction while watching the announcement? Was the unveiling of the Xbox One console enough to make the event worth watching, or was it a miss for Microsoft in your eyes? Share your thoughts in the comments.

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Follow Andrew on Twitter @andrew_dyce.