Microsoft's Xbox 360 press-conference took place after the Sony PS3 event yesterday, and it pretty much got swept over by the Sony PS3 hype wave.

One of the Microsoft Execs said Xbox 360 is the most powerful game platform - well that just sounds funny after having seen the specifications of the Sony PS3. Microsoft made some additional announcements like that the Xbox 360 will be backward compatible with Xbox games. Also Final Fantasy XI (Square Enix) will come to Xbox 360. Microsoft is planning a global launch. This is a world's first.
In addition, more than 160 games are in development for Xbox 360, with 25 to 40 games slated for release this calendar year.
Microsoft showed an extended Dead or Alive 4 live game play video that really looks amazing and fun. See it in the Xbox 360 press-conference video stream on Xbox.com.
On the other hand the PS3 game videos and screens I saw so far made me look twice to see that the scenery is not real world video, but actually rendered - for instance the Getaway for PS3 (IGN).

The Microsoft Xbox 360 success is pretty much connected to the success of Xbox Live. Here Sony is behind. Xbox Live already will have 2 million subscribers by June. With the free Xbox Live Silver that comes with Xbox 360, the subscriber number will sky rocket. And of course Microsoft has the Holiday season for itself. Sony is not selling the PS3 this year.
More details in Microsoft Xbox 360 E3 announcement.