I've been mulling this over for a few days now, considering Sony's State of Play, and how I felt about it both as an owner of a PS4 and a PSVR. My conclusion on both fronts: I was completely satisfied.
When State of Play was announced, Sony made it clear this was not going to be the venue for large scale announcements. They weren't pulling a Nintendo and replacing convention presence with a video format. The problem as I see it is that Sony's presentation drew immediate comparisons to Nintendo Directs, and the more these comparisons went on, the more people seemed to expect major game announcements as if Sony was sitting on a treasure trove that they were going to announce during a stream on short notice. It may not help that it hasn't been too long since Nintendo dropped game announcements like Super Mario Maker 2 in a Direct. What has to be remembered is that Sony skipped PSX 2018 and will be passing up E3 2019 because they are simply at an in between point in longer and longer development cycles, and after they only really had updates for E3 2018, they had to make a decision on whether or not they really had any reason to be at the next couple of major conference opportunities (or host, in the case of PSX).
Anyone piecing together the obvious should have realized State of Play wasn't going to be shattering barriers and redefining how Sony announces games. It would be a venue for primarily smaller scale releases, while acting as a good opportunity to promote upcoming major first and third party releases (as we saw with the Days Gone and Mortal Kombat trailers). It would also act as the perfect place to highlight VR titles, as their presence in major conferences has been continuously maligned due to the difficulty in presenting a VR trailer in a majorly captivating way. This made a smaller scale event the perfect way to inform a growing population of over 4 million PSVR owners of what they could expect in the near future.
As a whole, State of Play served its purpose well. It gave VR a chance to shine in a capacity that wasn't limited to PS Blog articles, and it shined a spotlight on interesting and major upcoming (as in very soon) titles. It is hardly Sony's fault for anyone building up unreasonable expectations due to unnecessary comparisons, ignoring what was actually said about the event.
One noteworthy complaint that absolutely blew me away was people expecting a major The Last of Us 2 details dump. Did anyone truly believe Sony would totally overshadow the upcoming original IP that falls into the same genre as one of the most highly anticipated sequels? Days Gone needs time to shine before The Last of Us 2 starts getting pushed hard, and I'm sure both Sony and Naughty Dog know this and want to give Bend Studio a chance to succeed. Plus, considering Sony hasn't completely sworn off major conferences, doesn't it make more sense to expect details like that at PSX 2019 this December?
In the end, it must still be expected that their biggest announcements will occur at the biggest annual conferences until they prove they are trending in a different direction, and as well, it will always be good to remember that Sony won't bury an upcoming release with hype for another announced project or a new announcement altogether, in case anyone went so far as to believe a major new first party game would appear.
All of that said, I found the State of Play very interesting, and I'm hopeful that Sony continues to utilize this format going forward so that all kinds of titles have a chance to shine at all times of the year. As well, I'm hoping this somewhat critically rough first attempt helps all of us to manage our expectations better in the future. If nothing else, Sony did a good job establishing what their goals are with State of Play, and we should all be able to properly look forward to learning about releases that might otherwise pass us by going forward.