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Exactly, I wrote a thread a couple days ago that relates to this. E3 has been massively scaled down to the point where it's more a professional/business summit and less of a gamer's event. So they use E3 to demonstrate their business model to their shareholders and the media.

As for when we get to see core games, Miyamoto said when there is enough of something to be announced, that's when he'll do so, so I would expect on just random days we'll wake up and see a premiere trailer for Kid Icarus or F-Zero.

Either that or TGS ;)