If you were an investor at the company, then no, the presentation did not suck at all. If you were one of the mainstream press people (NYT, Washington Post, etc) then the presentation did not suck because they showed off some stuff that will probably sell quite well, and the mainstream press aren't hard core video game players.
For hard core players, there wasn't much on offer aside from remastered Halo 1 and a new Halo Trilogy. Everything else was kind of pointless for hard-core gamers. I don't really care about the new dashboard, and I don't use netflix or use my 360 to watch movies (I have a Media PC for that, which works quite well) and I don't have children to play a lot of that Kinect suff (and a lot of it is aimed at kids and families).
I wouldn't say it was an awful presentation - unlike Ubisoft's "Mr. Caffeine" - but I will say that it did not provide stuff that probably most people on this site will care about. Cookie Monster's great and all, but I'm not going to buy a Kinect for that. Same with Disney Land stuff. The only thing out of that press conference that I cared about remotely was Halo (I sort-of-like the Halo series, so a new Halo game isn't unwelcome).
In Short: Presentation was not bad if you were investor/casual gamer/mainstream press. Presentation was boring if you were a hard-core gamer looking for something exciting. It wasn't awful for us hard-core gamers..... just boring.