Phil Spencer just said there will be both first party and third party announcements during the conference. He also brought up the fact that theyve had X0 events in the past (a long long time ago) and announced Rares acquisition there.
For the history of X0, to know what to expect you can check everything they showed and announced during the X0 shows from 2001-2006 here:
https://en.wikipedia.org/wiki/X_(Xbox_show)
Highlights include Fable, Halo 2 announcement, Rare acquisition announcement, announcing Project Gotham Racing, announcing the entire launch lineup of Xbox 360, etc.
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