That's how I see it to. Sony went from "we're going to let them show their cards first" to throwing a huge event all in a month's time. I don't think MS is really overly concerned because their strategy is vastly different and has worked quite well so far. It could be brilliant or a huge failure, it really depends on their execution.
Sony has 12 studios and only shown four games.
A few things are still in the air such as price and how the console looks.
More so, their stance on piracy and used games.
Microsoft just has to come out and show that they can do what the PS4 can do and some more.
What is more exactly? Because I know I will be pissed if they go on and on about everything not related to gaming like the past 2 E3 events.
I think Microsoft needs to drop some new IP's and things will get tight.
3 or 4 new games not related to Halo, Fable,and Gears. Come back to Alan Wake.
Things won't be really interesting until E3 in regards of everything being on the table.