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I'm confident Sony's E3 is going to be packed with surprises, so that's what I'm most looking forward to.
Contrary to what the popular opinion seems to be I'm sure Sony's conference is going to be very focused on what's coming from either the internal studios at Sony Worldwide Studios or their partner developers making big exclusives for PS4.

The fact Andrew House said 2015 is a harvest period for exclusives at Sony kinda flies in the face of Sony having nothing for this Fall or a 3rd party centric conference, even his comment about "1st party being a little sparse" indicates they have unannounced titles coming later this year, because the volume of games releasing from those studios this year is much lighter than "a little sparse".
Fergal Gara hinted at this when he said Sony aren't concerned about their Fall line-up.
MCVUK had previously also said that they've been told Sony has new, big, unannounced exclusives for this Fall on PS4.

Sony Japan may have something coming this year, because they haven't released anything since Knack or Puppeteer came out (could be a sequel to either or something else).
Sony Santa Monica could easily have partnered up with Bluepoint to make a new Playstation All Stars, there's plenty of time for them to have made another one (a power stone style remake has been rumored since 2013), same goes for a spiritual successor to Starhawk, rebooted with huge open maps, destruction and awesome gameplay would be great this Fall.

Obviously Guerrilla Games and Sony Bend have their huge new open world IPs, both are very far along in development by now, one could even be a Fall release, if not then both could be 2016 releases, I think both will definitely be revealed at E3.

GT7 has been in the works alongside 6 for a while, so I think it's likely that could be a Fall 2015 game too (I'm predicting December for this one).

Uncharted Collection will be another Fall release (probably November, with a packed in UC4 MP Beta or perhaps some kind of prologue to Uncharted 4).

Uncharted 4 is coming Spring 2016, so it'll come between the 22nd and 29th of March, new SP/Story trailer/demo will be shown, with some Multiplayer teased, more of that will also be shown at PSX.

A 3rd party focused conference isn't necessary because Sony are moving more of those games than the competition, without much heavy marketing, a few short trailers of some of those games and a mention from publishers about what DLC is available 1st on PS4 accomplishes everything Sony needs it too and a 1st party or exclusive games focused event shows people why PS4 is going to remain the console they should buy this generation.
I can definitely see a price cut, $100 would have the most impact, but Sony could probably get by on reducing it by $50, plus some new fancy color and perhaps a bigger HDD model, being the 1st 8th gen console with a 2TB HDD, but at the same $399 price and a bundled game (Bloodborne or The Order) would probably be fine with new owners.

Morpheus talk should be mainly about announcing new games for it, maybe a new model can be shown and the official name.

I honestly think that The Last Guardian is going to close out Sony's conference, with the release date given for this October, because that's the 10 year anniversary of Shadow of The Colossus.
Sony likes their major landmark years.
The game probably shifted to PS4 development when final hardware was decided on and Team Ico will have had plenty of time with the system to make their game.
I think when the game was originally conceived for PS3 it was a way too big concept for the system to handle, but PS4 can do it justice.

E3 2015 is going to be the huge Playstation 4 blowout.
A Load of new games, nostalgic reveals of long dormant IPs announced early in the PS3's life (Eight Days, The Getaway, TLG and maybe even Agent), very exclusive focused.