I'm pretty sure VGX gets more viewers. First off, VGX is not limited to just one fanbase (ie: how many Sony/MS fans are watching the Nintendo E3 event?), second, the E3 press conferences (at least Nintendo's) are always in the morning on a weekday.

VGX is in prime time television in the evening when people are off work/school. I don't think there's much of a contest actually.

I'm pretty hopeful for a major X reveal.
Release date, name and an awesome new trailer.

The time of broadcast doesn`t mean a lot if people can go and see it when they have the time to do so.
The only thing i question about the E3 vs VGX impact is: what has more mainstream media coverage? I understand that from a core gamer point a view, VGX might have more, but what about the other part of the market that gets the news from newspapers or online?

Please don't get my hopes up.

I'm trying very hard to not be overhyped. >_<

Well the other issue is E3 is a looooooooong time away. Are they just going sit on everything exciting until June? The Wii U needs help like *now*, lol. Nintendo wasted a year already not bothering to market the system at all, the poor thing has been trudging through a desert with no water.

And there's nothing really that big from now until June. Nintendo Direct's are a waste. They're just pom-pom waving sessions for hardcore Nintendo fans that were going to buy the next Mario/Zelda no matter what anyway. 

I think VGX really honestly is the best bet.

They can still save plenty for E3 like Miyamoto's new IP (which will probably be more family oriented anyway), Pokken Fighters (?), Animal Crossing U (?), and playable Zelda for example.

We're just so conditioned to E3 being the big media event, but really VGX probably will get you a larger audience base of actual gamers. Especially non-Nintendo fans ... that's exactly the audience you want to sell games like X and Bayonetta (and perhaps) Zelda to.

You want some of these people to at least start thinking "wow, I love my PS4/XB1, but that trailer(s) looked pretty awesome, maybe one day I'll grab a Wii U". 

Aren`t you forgetting DK and Mario Kart 8? Those will come out before June and i bet there`s more to come in the first half.
NDs are just a more enticing way to reveal what normally comes from a news topic on a gaming site. The difference is they create excitement, talk and the news still gets spread out through the web.
It`s a marketing strategy.

You are right, E3 is a big media event. That`s why, except for the last console reveals, E3 is THE place for the big reveals not just because the mainstream media is there, aswell as investors, but because it`s the one time of the year gamers due expect to see something big.

VGX might have a big audience and some excitement going for it - with all it`s worldwide reveals - but in that regard it still doesn`t beat people`s perception of E3.

I don`t know what kind of strategy Nintendo is following this year in regards to E3 and their NDs, but being a part of VGX is a huge thing.
They know that they need something big to make an impression there and i think they have. Will it be the "WiiR"? Don`t know. But seeing as VGX is about games (E3 is both about games and hardware, btw), i wouldn´t be shocked if they showed something really big... another Bayonetta 2 kinda announcement!

The wii-u can't disappoint if it goes third party, all planned games exclusive to steambox.

I really wouldn't get too hyped about any sort of megaton from Nintendo at the VGX.

A new trailer for Bayo 2 or Smash, or maybe both. But I doubt we'll get any new product announcements, those are usually held back for major Nintendo Directs or E3 conferences.

And I thought my dream announcement was crazy:

Starts with sizzle reel showing off 2014 titles; Mario Kart, X, Smash Bros, etc etc etc. Ends with announcement of F Zero.

Then little bit later in the show, reggie on stage, 'here's something else that's new': Bam! HD Metroid.

Although I do think, in all likelihood we are either going to see Zelda U or new Metroid, or possibly just a sizzle reel for 2014.