I think it is a bit soon for a new console, and I am pretty sure Microsoft knows that too.
As far as I can tell, it looks as if they are trying to build up the Windows Phone brand before anything else. Kinect is at a good spot and otherwise Microsoft just thinks Gears is enough for their core fans. I am really mad that Halo 1 is being remade already (first one still plays fine, just make an HD version with online play and call it a day), but that will probably do really good too. Regardless, I am expecting a bunch of announcements soon. Hopefully for XBLA stuff, which has the best lineup this gen (IMHO).
Otherwise, I think Sony is pretty weak this year too. Nintendo has a bunch of decent looking releases coming though. Two Zeldas in a row, oh lawdy.
they have never liked American products.
This is only really true with the Xbox and I guess stuff like N-Gage? 3DO sold best in Japan, for instance. I also heard PCs do okay there!