I really like E3. Every industry needs to have a big event to celebrate what's going on. Movies have the Oscars and Comic Con. Video games have E3. Part of the point of the event is simply to draw attention to video games in general. On top of that I personally get psyched about E3, since I like seeing all of the announcements concentrated into one week.
I suppose video games still have other events, but E3 is the biggest one. I miss it and I think it's a bad idea to try to kill it off or whatever.