The state of relevance of E3 has been in question for several years now. Their attempt at an "open-door" entrance policy failed and it seems that now they've abandoned it and have gone completely in the other direction with admittance as of late. Major developers and publishers have strayed from announcing market-changing products at the show, opting to announce them at conventions like GDC, Tokyo Game Show or even at their own, separate conferences. Now, aside from the Entertainment Software Association, the group in charge of putting on E3 every year, fighting illegal game distribution and maintaining their stance with Congress on the current game restriction laws that are in place, the actual gaming and entertainment expo doesn't seem to be as interesting to game studios and media outlets anymore.
The ESA seems to disagree.