Hmmm, bringing out 2 consoles really does not sound like less investment.  Maybe its just timing.  If you really have nothing big to announce besides what they already did then no need to spend a huge amount at these conferences.  As Phil stated they will have their own private event during those conferences probably with a more focused view of what they are doing.

Right. Not allowed to show games that are coming out this year. Only games that will *release in 2017 and are new count. 
Bolsering your Holiday 2016 lineup is "nothing to announce at E3".  

*May be subject to further delays. 

Would rather one really good one, than 3 garbage conferences a year.

They are going to do something similar to Playstation Experience this year.

What about 3 really good ones like Sony? :P

Introducing 2 new X1 consoles means less investment to X1 it seems.

Lol