Seemed fairly obvious to me considering all the signs of Sony dropping their EU conferences and PSX last year, and doing E3 this year. Also, there are multiple of these for the year.
Who said it was a replacement? It's just an alternative and expecting it to be more than that right now is pretty absurd.
They did not have PSX and will not have E3 and the reason for that was they were looking for new ways to interact with their costumers, which was this, and this was horrible.
They are literally skipping two major conferences to present us their updates in this new format, and the very first one already felt useless, why would I want to watch this kind of borefest and not an actually good presented video/trailer of any of those games?
Want to update me on PS stuff at least save it for when you have big updates to show, as big games release date, announcements, sales milestones, product pricedrops, damn even if they used that to announce PSN discounts it would make more sense then just that.