It doesn't look like a gaming console anymore. It looks like a hard-edged box, like a receiver or a first-gen VCR before people started the curved edged designs.
The kinect looks a lot bulkier, too, and for the purists, it looks like the controller is still the same.
Right now, the guy is featuring the interface. "XBOX on," to turn it on. "XBOX TV," to make it play TV. "XBOX game. Go to TV. Play Music. Go to Internet Explorer. Watch TV." Apparently is has a rather decent "Instant Switching" mechanism that looks really fast, and just pops up whatever you want. It's very Star Trek, but instead of saying "Computer," you're saying "XBOX."
"Xbox Snap Skype," splits the screen in half, leaving your original window open, but opens a second window next to it with Skype or whatever. Sounds like a Windows phone.
I'm sure it's all simulated for the purposes of exhibition, a la lip-syncing, but it looks kinda cool.
I'll post again once they talk about developing. *IF* they talk about it.