I blame the internetz for E3 becoming slightly lacklustre. Every year for the last few years, pre-E3 speculation (no matter how ridiculous) has increased drastically, resulting in a situation whereby whatever is announced is a disappointment. This goes hand in hand with publishers announcing that they've got an upcoming announcement about a potential announcement. The biggest surprise announcement in the last five years or so is FFXIII going to 360, and it's on a list of one.
Of course it doesn't help when certain companies leak their entire conference an hour or two beforehand.
It's lost the magic that it had when you had to wait a month for whatever magazine you read to get around to publishing all the new info...

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