There were a few big things that didn't make the keynote. There still are two big shows for the rest of the year and we might see these at at Penny Arcade Expo in August or Tokyo Game Show in October.
1. Newton : The motion sensitive controller was not shown. It's still a real project that they are working on but perhaps the hardware or games were not ready to be shown
2. Halo Wars : Not only did it get pushed back to 2009 but it did not make they keynote
3. Frankie and Peter Jackson's Halo Chronicles : The Microsoft run project didn't have make a peep.
4. Alan Wake : The Microsoft game studio action horror game was completely absent. That is not a good sign.
5. Blu-Ray : I am starting to think that they might be telling the truth when they say that they have no plans to make a Blu-Ray player for the Xbox 360.
6. IPTV : Sure there was new video parters and streaming Netflix but their previously promise of digital TV via the Xbox 360 and Internet was not there.