i for one am relatively happy.
while E3 brings a wealth of information, it's just too much at once. Big publishers are much better off holding press events at their own headquarters. Where they're able to better direct their resources. What's better: a Spore booth that you can play around with the creature editor in, or a press event where you [the press] can play Spore alongside the entire staff in development headquarters. I'll gladly take the latter.
People need to understand, E3 is a press event, not a gaming convention.