This is nothing to LOL about!
Whoo, that was a pretty underwhelming presentation. They showed no games except for Forza and the "new innovative definitely not like the rest" Call of Duty Ghost. They also announced that it's not backwards compatible, you'll have to pay full price to play an installed game on another account, and it looks like a VCR.
On the bright side, it has pretty specs and recording. Normally, I'd say that I look forward to E3, but that presentation just gets worse each year. God, I miss the good ol' days.