I never expected anything, to be frank, so I wasn't disappointed. I was more worried about people's reactions here and elsewhere, than about what we'd see.
As I've said before, as much as we all want to believe otherwise, I seriously doubt we will see anything before E3 2017, and maybe not even until TGS 2017. I also will not be at all surprised to see the game delayed, possibly by as much as a year or more. This is just something fairly common with Kickstarted games (and games in general these days, the more ambitious, the more likely the delay... and this is SHENMUE 3.)
And yes, I agree with others that the gaming press will eventually rip the campaign to shreds (again) because of this if it happens.
But I also fully expect that once the game is out, we will all end up with a fun game that is spiritually aligned with the Shenmue we remember, with a detailed, rich world, but with some contemporary (read: more accessible) gameplay mechanics. I expect many here and in the rest of the Shenmue community to be angry about some of that... the lack of footage before E3 or TGS, the possible delay, the press reaction to it, and even the contemporary gameplay elements added, because people want a true hardcore Shenmue experience... but, while I could always be wrong, I really do strongly suspect this is the future of Shenmue 3.
And I'm not one bit upset about any of that.
While frustration is only natural, I think we need to just remain steadfast, as we always have, and wait. It's not like Yu Suzuki of all people is going to deliver a terrible game, or cancel the game. It's going to come out. It's going to at least be fun (though I think, given my experience with other Kickstarted games, we should prepare for it to be merely "good" rather than "amazing" just given budget constraints... and we should also prepare for the gaming press to review it very poorly, or at best, as sort of average to good, high 7s basically) and we're all probably going to enjoy it.
I see no reason to doubt that. At all. As I've stated since the start of the KS campaign and its conclusion... yes, communication has been horrible. From the livestream quality during the KS, to things like saying we should tune into events and then nothing happening (likely internal conflicting information, or Sony not feeling the game was ready to show either, imho - remember, Sony is handling distribution for PS4 and like it or not, their brand is linked with Shenmue 3 and its image.) But it's not like people are going out of their way to deceive us. And it's not like the game isn't going to get made. They're not stringing us along because they want to frustrate us. It just is what it is.
I think the worst thing they could do for the game right now, is show us alpha footage or some such, or another insubstantial "test" that will only provide ammunition to the game's critics. They made a huge splash with the KS. It died down (along with all the negative press!) The worst thing they could do right now is revive all that hate, by showing something so easy to criticize. I firmly believe they will show us the game when it is finally in a state that is much harder to assail, and one that actually excites and intrigues, rather than confuses or worries.
I hate to always be the weird juxtaposition between realism and unbridled optimism but... somebody has to be. :P So that's my two cents. Come on guys, it's not the end of the world. Happy Holidays!