It's a Microsoft event that focuses on the 360, and it's happening right now, it began 5 mins ago.

There are lots of rumors of what will be announced there, the confirmed stuff are games that have already been announced, but that will get a full media blowout. There's also promises of new games and apparently a natal blowout as well, with new games being announced for it too.

This might be the news for a long time to come, Nintendo will probably want to avoid that from happening by announcing something.

Can we watch some live footage or what?

You can't plan a whole global media summit just as a counter like that. You can plan to have PR ready but a whole global media summit? No.

Several months of planning are put into the presentation of a global media summit (for those sake of those presenting and for the media that needs to prepare for it). So announcing a global media summit last minute just as a counterpoint to someone else planned media summit isn't very feasible. Especially given how Nintendo leads things this generation instead of following as a counter summit would suggest.

Yeah and Nintendo didn't do their normal Nintendo Summit either, so it could be completely unrelated and they just held off until they could hold the summit with all their ducks in a row, since honestly the 08 summit released a lot of info on some games that created hype that died out before the game came out, IE Punch Out!!!

So wait till Feb, release info on Metroid and SMG2, get the hype going and it'll be closer to the release dates for those games?

pretty sure this is the one that they were going to have in the fall but they delayed it until after the new year

The one two punch of logic here folks couldn't say it much better myself

Doesn't really matter if Nintendo is leading. In order for them to keep being in the lead, they need to give an incentive to future customers to buy their products. It's not as simple as laying back and believing it's all safe, look what happened to them last year.

Besides, Iwata told their investors they were still planning the release schedule for this year, so that means they haven't decided yet when to launch what. I think they were awaiting on the info that this event might yield to make their announcements. It's almost always a case of last minute, as you have to workwith the info your opponent is giving you.

MS might be unveiling Natal today, and that could turn into something big, and Nintendo cannot allow this to happen, because if Natal becomes the new cool thing to have, the Wii could be hit someway. I think Nintendo is having this conference to counter anything they can announce. Not completely nullify their announcements, but have something to gather attention once more. NSMBWii is already a thing of the past, it was part of the Holiday craze, they can't ride it for much longer.

And remember that last year Nintendo unveiled the Vitality Sensor with no tech demo, or anything, just a pic and Iwata saying they were making games for it, just when Sony and MS decided to get on the motion world. If that's not last minute then I should go see a psychiatrist.

Damn, you are too mean you hurt my feelings.

Nope.

I figured Nintendo was just making up for te lack of a Fall summit.

Yep, cause everyone making an annoucement has a tech demo, does it to counter their competitor and shows more than just a name and a picture