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Microsoft
For the most part Microsoft is probably going to have a repeat of last year in that they will focus directly on games coming in the next 6 months with one future-oriented megaton announcement at the end.

2008
1. Corperate gloating
2. Gears of War 2 demonstration
3. Fable II trailer
4. Resident Evil 5 demonstration
5. Lips, Scene It? 2, and You're in the Movies announced
6. Final Fantasy XIII mulitplatform announcement

2009
1. Corperate gloating
2. Halo 3: ODST demonstration
3. Forza 3 trailer
4. Call of Duty: Modern Warfare 2 demonstration
5. Lips 2, Scene It? 3 and Rare's new IP announced
6. Halo: Chronicles official unveilment

Overall, I think Microsoft is going to have a slightly better E3 than last year based primarily on the things they're presenting. The one major difference between the two shows I think is that Microsoft won't be announcing a price cut for 2009, yet.

Nintendo
I expect that Nintendo will have a fair improvement over their last E3 conference because they should actually have some interesting things to show off. It will still probably be the least interesting of the three conferences, but it won't be a COMPLETE embarassment like last year. They'll still concentrate almost entirely on games coming in the next 8 months or so with 1 or 2 exceptions.

1. Corperate gloating (1/3 the conference)
2. Casual announcements (Next Wii series game, Casual Pokemon game, Ubisoft's crap, 3rd party DSi games)
3. Classic Nintendo announcements (Kirby Wii, Next Mario Kart for DSi, Next Metroid game)
4. Sneak preview for either the next Mario or Zelda game for Wii


Sony
I personally think that Sony's E3 conference will be the most interesting of the three, much like 2007's. The reason for this is becuase, like it 2007, Sony will have the most to prove and show off. Sony won't waste their time showing off multiplatform games or why the PS2 is still relevant. After a brief corperate look, their going to get right into the grit of the matter, that being why PS3 is a must buy system.

1. Brief corperate gloating (Will sound more like reassurance, in all likelyhood)
2. Upcoming and new PSP games (Kindgom Hearts: Birth by Sleep, FFAgitoXIII, MotorStorm, LittleBigPlanet)
3. PSN games and improvments (PixelJunk 4, VidZone launch "today", Massive Home improvements)
4. Upcoming and new PS3 games (God of War III demonstration, and trailers for M.A.G., Uncharted 2, R&CF2, and Heavy Rain)
5. End with Gran Turismo 5 blowout showing massive improvements and a release date

 

Now for a few notes:
1. I don't think either Sony or Microsoft will announce any plans to cut their system's price at E3. Keep in mind that E3 is much earlier this year than last year and both companies will want to drop their system's prices near the lucrative Q4 season. Unless they want to see console sales dramatically slip over the summer, they'll keep their mouths shut until August at least.
2. Neither Sony nor Nintendo will announce a new portable system. However, those announcements should be expected next year.