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Well their main focus is probably going to be on Kinect with a large majority of the show simply showing off and announcing new games for the peripheral, so the megaton, to them at least, should come in a Kinect game announcement.  My guess, though, the big announcement will be Halo related.  I'm just hoping it isn't Halo and Kinect related as I would scream haha.  

Other possibilities are the new Lionhead Studios games, first showing of the Xbox 3, or a pricedrop of Kinect, 360, or both.  I'd say of those 4, at least one should happen.  Be pretty cool if all of it happened though... well not the Halo Kinect part.  No literally, I would scream.