I think Nintendo will take things this year. They will have the biggest game announcement (Zelda), and more importantly, they'll probably be the only hardware maker announcing a new platform (3DS).
Only Sony can compete if they announce a PSP2 and a plethora of new games, but as it stands, the only popular thing we know will be shown by Sony is Killzone 3, which isn't that big.
As for Microsoft, they've already got new installments of each of their big IPs on the way (Halo, Gears, Fable), save Forza, but given Forza 3's recent release, I doubt we'll see anything on that front. All we might see from them are Natal demonstrations, some new IPs, and maybe a reinvention of an old Rare franchise. The new 360 could make an appearance, but they'll probably wait to unveil it right before its Fall release, ala Sony and the Slim PS3 last year.
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