My two cents. . . At first blush, the system picture looks like a redisign for the first XBox. Something about the vent lines remind me of the ridges on the XBox. Could be the black color too. It doesn't look great, but wouldn't prohibit me from buying it. Kinect unit looks pretty sweet and relatively non-intrusive, especially in perspective with 360 remote.
As far as Kinect, I believe this is, and always has been, an attempt at the casual market. Core shouldn't fret too much as announced games look strong, albeit sequel heavy. Now it depends on how they price the unit. As stated above, it is going to be a hard sell if it is over $100, and may be so if under $100. I really, really liked Pachter's $50 prediction. Who wouldn't, though?
One benefit over the Wii and Move is presumptively you buy Kinect and do not have to get any other accessories no extra remotes, nunchucks, wave and its peripheral, etc. However, this advantage may be mooted if Kinect does not allow or pick up multiplayer well.
Lastly, I have concerns about the coffee table problem. I know I won't be able to do any foot based games unless I have to move a coffee table everytime and I'm not getting rid of it because it really ties the room together, if you know what mean.
Looking forward to more news and posts here.