It looks like a VCR because based on that conference thats what it is.
Specs include 8 core CPU, 8GB RAM, 500GB HDD, bluray drive, USB3.0, wifi, blah blah. Controller has been redesigned with an improved dpad (lets hope for real this time) and force feedback on the triggers. Kinect in every box, though its supposed to be all super improved.
Lots of voice command and TV-based shit. "Xbox, HBO" and now you're watching HBO. There was a great troll where there was TV stuff, then "Oh hey Forza 5. Plus MS studio has 15 games in development including 8 new IP!"....oh shit, now they are talking about Halo! Halo! Now we'll see some actual game foota....Halo: The Television Series. No shit. Epic troll.
And then they did more sports crap with the NFL and ended showing a little Call of Duty Ghosts. Fin. It was pretty lame.