Well, its the final year of the generation. It's not surprising that there isn't much but sequels and rehashes on offer.
I also wonder what value E3 has other than selling to retail buyers, which is, hey! what E3 is actually for. Publishers and developers can reach the gaming audience any time they want now: Twitter, YouTube videos, blogs, ARGs, podcasts... there are much more efficient ways for marketers to display their goods.
Maybe next year we'll see the new boxes from Microsoft and Sony, and some games that take advantage of the new hardware, but I think we're just as likely to see the reveals on G4 or MTV.