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I think PSX is a great idea and a great show.
Some people are critical, but you need to realize that PSX is not just these two hours on stage, but a full weekend with hundreds of booths of upcoming games to try out.
Sure, it sucks that we can't all be in Vegas, but the press and the public will still get to try out Morpheus and dozens of games, and we will get to read numerous impressions and stories.

This event just shows the power of PlayStation, and that it is able to have so much content, almost at an E3 level...