First, some unexpected that I think may occur:

Microsoft will announce and unveil a slim verison of their X-Box 360, hoping to boost sales in Japan and hopefully create more appeal in Europe. It will shipped with an exchangeable exterior which can be swapped with shells sporting various decorations and/or artwork.

Mass Effect 2 is shown briefly at E3 along with an announcement that Mass Effect 3 will be episodic. Along with this, a slew of downloadable content for the original will be shown/announced.

Sony will introduce (yet) another SKU sporting a big HDD and full software emulated BC. This will fall into the 350-400$ category. Their 40GB will be reduced in price, and may drop an entire century in pice, in two primary phases; MGS 4 and Gran Turismo 5 launches.

A playable post-beta of Killzone 2 will at E3 and the full game will launch in early fall (september). Moreover, the game will recieve average reviews far exceeding most expectations (in the 9's).

Polyphony Digital will appologize for not including more cars and tracks from real life in GT5, but will redeem themselves by commiting to making big downloadable packs of cars and tracks released every 6-12 months.

Nintendo will ramp up the production of the Wii, but by a significantly smaller amount than expected due to a slight case of company timidness.

Diablo 3 is unveiled, and turns out to be an MMO much to many fans' sorrow... 

Some expected happenings of 08:

A first peak at Gears of War 2 will shown at GC in Leipzig.

The Elder Scrolls V will premiere a sneak peak at the same happening along with a "timed exclusive" tag.

Kojima Productions and Konami will announce an MGS game filling the gap between Sons of Liberty and Guns of the Patriots starring Raiden and Meryl as playable characters. This title will be multiplatform (Wii, 360, PS3).

Civilzation V will be shown at E3, featuring an entirely new and unused interface solution (since Sid Meier himself is working on it, it will be amazing).

Starcraft 2 will be launched with a giant Blizz-fest and the first annual World Championships in Korea are allready dated...

Fallout 3 will arrive in November and will be tagged as a "timed exclusive" for 6 months (360).

Half-Life 2: Episode 3 arrives in October and a downloadable teaser from Half-Life 3 will become available on Steam.

Bioshock 2 will be announced and possibly featured on E3, though with a different name.

A brand new Lemmings title for the Wii will be announced and showcased (just a gut feeling).

There will be more events, of course, but I'm tired of typing...

What are your expected and unexpected events for 2008?

I fully expect KZ2 to come out way later then most think, there were rumors before of a 160gb white PS3 in NA, and i think the recent FCC filing maybe the 160gb unit. RFoM2 will come out and be nominated for GoTY. GTA4 will have mixed reviews, and won't score as high as the PS2 ones. FF13 and GT5 will have final release dates, of Q1 09. PS3 will pass 360 in Europe and make massive gains in overall sales on the 360 this year. The wii will see more games, but still lack Third party support.

I thought lemmings was published and owned by sony?

I just read that there will be a follow-up to Gizmondo out for Xmas 2008. That was totally unexpected, at least by me.

not sure about exclusivity of oblivion. i also thing those events are too early for Bioshock 2 and Mass Effect 2 (though i pray that you are right).

 Yeah I read that in online as well, will it never end! I won't be buying it, that's for sure...

I hope that Sony comes out with a full b/c system. Not for me, but for all the people whining on this site that b/c matters. I'll take the $300 forty gig myself.

if Sony drops the price from $AU700 to $AU550 and puts BC back in ill buy one.

You have to file game consoles with the FCC? Sounds weird.

It's for electric/magnetic interference, security and so on.