It will be awesome, if they actually are going for that route.

I love E3.
It's like a gaming holliday to me.
I buy snacks,beer and just enjoy watching new game announcements and trailers.

As some have mentioned E3 is somewhat bloated with too many long and heavily scripted conferences and a lot of announcements getting lost in the mix. I do, however, like the idea of industry events where people bring some of the things they have been working on and very naturally talking about them. As such, I would like E3 as a show floor event to live on and we can have shorter conferences from the big companies scheduled roughly around the same time as E3 (give or take a month) with other announcements coming more steadily throughout the year.

Fans can attend? Sure let me book a flight.
No.
Ofc it can still be streamed/recorded..But what's the difference? Sony already does that. Has the normal conference and blogcast the following days with interviews and demos. In fact, other than the actual games in question, E3 and PSX already are the exact same thing from an outside perspective

More importantly, you forget the importance of a platform holder not foregoing E3. While Nintendo is going full-NEET mode "because Zelda", in the usual tsundere WeDontNeedThirdParties fashion, Sony and MS will be kissing company buns. Companies that can't or won't have their own event can still draw attention to their games by being at Sony/MS. It's called backscratching.. Or maintaining third party relationships.. Or just maintaining business relationships in general. You know, the thing that allows the PS4 to get several new releases every month. The thing that should be a platform holder's main priority.
Could it be done without E3? Yes. But you can't be the one to pull out. All your partners need to do it first. If they don't, then you shouldn't either.

It's a raven.

OT: I still like the evnt moments and competition of E3. Going to independent shows might make sense financially, but I'd miss it.