Yeah, the E3 this year is smaller and it's closed to the public. It's called the E3 Media & Business Summit, which is why it's only open to the media and such. I think they have E for Everyone, which is like E3 but open to the public. Should be somewhere around October.
A price cut on the Xbox 360 is very possible, but so far it's only been the words of an analyst.
Sony made price cuts and is introducing the 80GB version bundled with Motorstorm.
Konami deems the $100 price cuts as "insufficient" and is considering bringing Metal Gear Solid 4: Guns of the Patriots (arguably the PS3's biggest exclusive as of now) to other "non-Sony systems." I'm keeping my fingers crossed.
Mass Effect is definately releasing in November. The folks at Bioware have definately done a great job, not just graphically, but in terms of gameplay. They're the ones who made Star Wars: Knights of the Old Republic and Jade Empire, both games that recieved positive critical reviews. Think of it like Oblivion, but better and in outer space.
Also, the very first in-game screenshot of the Killzone 2 demo. Here
That screenshot is horrible. If you compare the textures in the screenshot to the CG trailer screenshots, the difference is VERY clear. Hah, and Sony said the Killzone 2 E3 trailer back in 2005 was REAL-TIME.
Pleeasee...don't even pull that shit off.