Right call, E3 is irrelevant now.
I love E3 .... but these last few years its been a little boring, doesn't help things getting leaked.
But if everyone was going I would actually agree with you, because if everyone is there, though its sometimes exciting for the viewer, for companies they are all fighting for the press inches and getting drowned out by each other. I think this year might be a bonus for ms because people dropping out or not doing the standard, they'll have it more to themselves.
So though I agree with everyone showing games its less relevant for companies, if there are less companies, it becomes a possible benefit. if that makes any sense at all...lol.