I guess a sarcastic outlook on this is needed.

However, I feel like the purpose of this E3 conference thing is to somewhat challenge the game studios to show us what they can come up with, competing with each other.

Competition is always good for progress.

When you hear of "rehearsals" happening before the day you know the entire thing is going to be scripted more than a rail shooter. I cringed with every bit of "excitement" the presenters had when they saw something "new". The same thing can be said for most video games journalism these days though. It's almost entirely fake with most of the articles being handed to the journo's by PR firms just to re-publish.

The only thing I take notice of regarding E3 is the new games I might not have yet heard of. I pay as much attention to the footage and trailers as I do for hollywood blockbusters, which is none. I don't want my experience to be ruined by a trailer or gameplay footage. I may look at some unheard of games footage just to gauge what type of game it is and if it may be worth my time. Sadly these days a lot of games, to me, aren't note worthy and I find myself more interested in games that came out 5+ years ago that I missed.