Sony needs to at least show something regarding Project Morpheus.  Considering that Oculus Rift is tentatively scheduled for a Spring 2016 release and most likely will be shown at E3, Sony can't let Facebook still all the hype thunder at E3.  It's still unknown that VR will be big or be a temporarily fad like motion controllers, but Sony can't stay silent and expect to get in the market if Oculus Rift has a significant head start showing their guns.  PS4 has already beat Xbox1 this generation, but the next big battle is VR. 

They already announced months ago that they'll show Morpheus stuff at E3.

ya i expect it will be a good portion of there conference

They better not spend more than 8 minutes and 39 seconds on it

Looking forward to what they've gotta say about Morpheus at Sony's press conference.

Not even 8 mins, 40 seconds?

Yoshida already said that there will be a lot of Morpheus announcements during the E3 show.
But I'm not expecting any info about the price, they will reveal it during the Paris Games Week or the PSX at the end of the year.

I wouldn't really favor any time spent on it to be honest, even if I was a big fan. Not really interested of it myself....

I hope they can squeeze some PSVITA time in there

Shuhei Yoshida quote:

"Revealing this new prototype is an important step in our journey to release Project Morpheus, but there is more to come. We’ll share additional details at E3 and beyond. In particular, we’ll show more VR games at E3 and later events as we get closer to launch."