Is E3 really necessary in our day and age for the big 3?

[Augen]

I could have sworn years ago there was an attempt to subdue E3 and it was a smaller event for a spell. Then everyone came back and it is as big or bigger than ever.

Personally I get more excited about PAX and that is the show I dream of attending as it is a gamers first feel from all I've read and seen.