If they go through with this, I'll never play a video game again. Well, no, actually ... I'll keep buying them like the pathetic loser that I am, but I'll still be pissed off. Nobody's going to want to go around to a million of these shows to see what each individual developer is coming up with ... there needs to be a central, big, annual get-together.
What's more, if they really drop E3 in favor of each publisher putting on their own events, it's really going to screw up-and-comers. Sure, everyone knows Sony and Nintendo, everyone knows Squaresoft and Rockstar Games ... they'll get media exposure. Woe be to the brand new outfit, however, that would have otherwise relied on E3 to help get the word out about them.
It bites.