For this year, they're planning to release the major games they have left, except for Death Stranding.
On the first conference, they'll mention the PlayStation 5 name along with some numbers and specs from the console's architect. It will be followed by working titles and trailers of future projects from first and third party developers, giving a taste of the next generation.
On the second conference they'll go in-depth on the games announced earlier on the year, they'll talk about surprises for the console in terms of functionality, maybe giving us stuff that we always wanted and new things we never expected (or wanted). They'll showcase the console in all its glory and I believe they'll announce two SKUs: one with disc drive and HDD and other without disc drive but with a roomy SSD. More games and teasers from what's to come with PS5. And they will end with the price of both SKUs, which will probably be $299 for the discless one and $399 for the disc drive one, for release in Spring 2020.
Phil Spencer and his team are going big with the new Xbox, so we can only expect for Sony to do their best to keep the lead they've gained this generation. Leaving E3 was a huge shock for many, and dare I say, even for Microsoft whom I imagine had to be at least confused by the sudden change of venue. It means they're willing to go out of the norm to provide something different at a different time. Will it work out for them? We'll have to wait and see.