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Well put.
Want to know why there was very little buzz around the show? There weren't that many shocking reveals, and most of the games that were shown have been seen before at numerous pre-E3 events. E3 is now happening at pre-E3 events instead of at the actual show. It's obvious the major players don't want to share the spotlight, but holding the show in the middle of July is forcing companies to get the PR train kicking a bit earlier on their own terms. The ESA needs to work with publishers to get them to make a bigger splash at E3.

We'll be home in time for Mothers' Day. We promise.
E3 was moved to July to give developers a little more time to polish their games, however the timing seems to have yielded more negative effects than positive ones. Holding E3 in July not only screws up attendees' typical Fourth of July family vacation time, but it makes the event more or less worthless for major print publications. Who wants to read about E3 in mid- to late August? And that's the earliest! Plus, with the game show landscape where it is -- E3 and ComicCon in July, QuakeCon and Games Convention in August, and Tokyo Game Show in October -- E3 is getting screwed by publishers who hold games until later shows. "Oh, sorry, this won't be playable until ComicCon next week." "Oh, sorry, we're only teasing the game here; it'll be playable in Leipzig." Barf. Let's move E3 back to May where it belongs.
Make sure companies want to be there, and do what it takes to prevent major players from pulling out of the show. Pursue the Activision/Blizzards and the Gamecocks -- even if they act like douchebags most of the time. Let's get more hardware and game products back at the show, as well. We're not looking to have another nasty Kentia Hall, but you're just forcing those companies to turn to other entities -- like CES -- to show their products.