A few of my initial reactions:
1. There is a special section in hell reserved for the G4 person who thought it was a good idea to show the Disney announcement in its entirety but cut the Halo 3 trailer short.
2. The games shown were, for the most part, really good looking. The lighting in Call of Duty 4 sent shivers down my spine. PGR4 (at least the part I saw before G4 went to commercial) was phenominal. Assassin's Creed, even accepting the framerate problems, blew my mind. Seeing Jerusalem in it's medieval glory was a sight to behold.
3. It's nice to see that Ubisoft was able to integrate historically accurate floating bodies
4. I remember a little while back someone at Bungie said our reaction to seeing the single player campaign in Halo 3 would be "Gears of what?" I bet CliffyB had a laugh at that after seeing that trailer. It was unimpressive to say the least, and looked all the worse for being shown right after AC. But hey, the hype machine says it'll be the best looking game ever, so who am I to argue?
5. The new XBLA titles look nice. And we get Marathon at last.
6. Oh goody. One more SKU. But at least the RROD will look festive with the green of the case.
7. Why was half of the show taken up by demos that are better done on the conference floor? Perhaps a distinct lack of 08 content?
8. Peter, you're in charge of a videogame division in one of the largest corporations in the world. You should at least know how to unpause a game.