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It should be a conference. The reasons are: 1. No lag like in the NDC which ruined perception of 3DWorld. 2. Better media coverage - IGN treated the NDC as an afterthought. 3. Fan hype. Crowd reaction is important. Zelda U should have the exact opposite reveal as M3D - ie, no lag on video and cheers from fans.

Nintendo needs to realize that when you remove media from the equation with a direct broadcast, you also remove their desire to promote your content.