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HappySqurriel said:

Back in the day, Nintendo had their own "Spaceworld" conference in Japan in August and they didn't see the value in going to another expo. Today, I believe that they focus on producing small displays throughout the summer in Japan to give the public a chance to try out upcomming games; and once again TGS is redundant.

Pretty much exactly what this says. Nintendo's Spaceworld was an annual showing until, I think, 2000. That's the last one I can think of and Nintendo was showing off the GameCube and new Zelda trailer that got many fans hopes up, cause it was awesome, and quickly dashed the next few years with The Wind Waker, though I personally loved the game.

Seriously, that Zelda teaser is still amazing to watch.