Not trying to get my hopes up, but this has the potential to be good.
The Microsoft thing from yesterday felt like it was rushed to account for the fact that absolutely none if their competitors are talking right now. It was a good idea, but calling it a stream focused around gameplay was a mistake.
I tend to believe this will happen since Microsoft said their next major stream is happening in July. I think they may have heard the same noise, and are looking to finally position themselves after Sony for once.
The one thing that sucks is that unless any of those new studios have some impressive looking new IPs lined up, MS doesn't really have a lot lined up that will make serious waves. At this point, their other established exclusives kind've are what they are. You either like them or you don't, and they don't feel like they're bringing in a ton of new users (maybe they are, but it just feels like they aren't). Other than that, all they've got left is date and price to announce. Them trickling out details like how it looks, and Smart Delivery seem to have had the opposite effect as planned, and people seem anxious to just get the rest of the reveal done with.
I think if Sony just says fukk it and shows what this thing looks like along with date/price, and updates on what some of their first and second party studios have been working on for the PS5, they'll look a lot smarter for having it all in one place.