I think it was easier to identify who had the weakest press event (Nintendo FTL), but, based on the strength of the announcements that were made-- FFXIII, new dashboard and features, Live Party mode, Netflix, and more-- Microsoft gets the nod for the best.

While I must admit that Microsoft really had some swell announcements at their press conference, Sony had great news as well.  KZ2, LBP, as well as a far off glimpse at God of War 3, as well as announcements showing that Sony is upping their focus on the PSN while keeping it free (It better stay this way), showed to me, at least, that Sony had the better conference.

That being said, I’d probably vote for Microsoft as well, if both were a selection.