Microsoft has just spent the better part of an hour introducing the Xbox One, and the general feeling I’m walking away with is disappointment. Viewing Twitter, that seems to be the general consensus too, so I decided to take a look at how the market reacted to the announcement.For the most part Microsoft’s share price has remained steady, being only slightly down:Meanwhile, Sony’s share price exploded:Such a reaction may surprise some, but then you have to look at where Microsoft focused its presentation. It was all about using Xbox One as the box under your TV for non-gaming entertainment. The Halo announcement wasn’t about a game, it was a live action series with Steven Spielberg involved.When games were brought up there was nothing new. EA Sports titles, a Forza racing game, and a new Call of Duty. Sure, they are all huge sellers on existing hardware, but nothing to get excited about at a console launch where you want something new beyond the hardware. You want something unique that gamers will buy the console to play.Compare this to Sony’s PS4 reveal. We didn’t get to see the machine — which was disappointing — but we got Gaikai, PS Vita interaction, and most importantly a healthy selection of exclusive games. Unless you are a die hard Xbox fan, I’d be surprised if you weren’t a little more excited about the PS4 than the Xbox One right now.For Microsoft, it looks like the games are coming later at E3. 15 exclusive titles in the first year sounds great, but it wasn’t backed up with any proof of that. So, short term disappointment and Sony getting a nice share price boost. We won’t know for sure who has truly impressed consumers and investors more until E3 is over.