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1) MS hired the guys they usually go through to produce an announcement event for them in April, later delayed to May. (That delay may not be due to any difficulties with the product, but venue availability in April, etc.) So they aren't planning on sitting until E3.MS needs to be upfront about this shit. It's just hurting them in the long run, especially if they plan to make a BIG announcement at E3 this year while leading all these other thoughts/comments run rampant.
2) Those bad news details are generally the things you don't find out about until near launch, if not at. Think about how many Wii U issues weren't known until the thing was out in the wild.
As for Orth, he was probably fired for revealing bits about the project before its announcement (go back and hear the verbal gymnastics people had to go through at GDC, as they couldn't publicly admit the system exists), not his attitude. (Though comments amounting to "Why would anyone live in your shithole" rarely turn out well.)
Edit: If you skip MS, you only miss Halo, Fable, Forza, and Alan Wake for traditional games.
For XBLA-type projects, which I again repeat will take up more and more of your gaming diet, you miss a whole lot more, AND MS has a history of moneyhatting exclusivity periods. The biggest battleground this time around will be in behind the scenes negotiations via Pub Funds, Exclusivity Windows, etc. in the downloadable space.