Realistically, all the big three's conferences were subdued. The only thing that really salvaged Microsoft's conference was the FFXIII announcement, Nintendo didn't bother to show much of anything for the core gamer, and Sony didn't really have anything to counter their loss of FFXII's exclusivity. The question is why. Well, to put it simply (and in my opinion), E3 is very much coming to an end. You can almost feel that there's really no motivation for any company to really reveal all their cards for the year like they could when E3 was as grandiose as it was two years back and prior.
I think Capcom's conference says it best. Folks like myself were hyping what games they'd show, a new RE 5 trailer, some info on Flock, maybe a surprise announcement, and what did we get? Well, a 35 minute conference about the Lost Planet movie. Yes, movie. I think that pretty much says it all.
Perhaps this NeoGAF summary (albeit humorous) is a bit on the money:
Otherwise, this E3 is certainly a major stinker. Here's looking forward to the Tokyo Game Show and other publisher-centric trade shows.