Sony and Nintendo don't have anything to worry about, they have a larger number of exclusives this year than Microsoft.
Sony has yet to announce a release date for Ratchet & Clank, I think it will be a big deal for them in the Fall and the game has a movie release, going into theaters, which Sony will no doubt push hard, that could make for a great fun platform adventure, with shooter mechanics and puzzles.
Guerrilla Games has released a new exclusive every 2 years since KZ2 came out, it seems likely they'll have something for the Holidays this year since Shadow Fall released in 2013. Maybe it's their new IP, maybe Cambridge has a new Killzone or they're handling Resistance now.
This could make for a nice mature game for the holidays.
Whatever happens it seems likely Horizon will finally get unveiled at E3. The same may happen for The Last Guardian, this could get a 2015 release date.
I think GT7 will be ready this year, it's probably been in development since early in the PS4's development, PD creates their assets at a much higher quality level than PS3 can handle.
If not GT then I think Sony will have another racing game ready for the holidays, possibly a Motorstorm or maybe a Wipeout for PS4.
Sony has a load of studios, many of which have been working on games for years, those titles could be ready to show at E3.
Nintendo has a load of old IPs they haven't used in a while on their home console, like Pilot Wings, Wave Race, F-Zero, Blast Corps, Kid Icarus, Metroid, Animal Crossing and Pokemon. They could announce a Wii U title for any one of those IPs.
I can see a few new IPs being announced, handled like Splatoon.
We'll see what happens.
