I think the announcement is great! It means there's going to be a better chance I can pick up an Xbox on Nov. 8!
Of course, I'll still probably pick up a GameCube for the Nintendo franchises I love so much, but that'll probably be a sometime-in-2002 purchase for me.
Say what you want about MS, but it appears they've done their homework and created an incredibly powerful, developer friendly, ultimately-online gaming machine--AND lined up stellar developers to boot. And if that turns you off because of a MS logo on the machine, then I'm sure there's a PS2 somewhere out there with your name on it.