Microsoft has the momentum right now, they've been taking ground with recent strong sales, pro consumer approach, and substantial studio acquisitions.
Will they come with heavy hitters and capitalize on their "E3 monopoly"? Or will they play it safe and prepare for direct competition next year with Sony? Do you expect any mention of Xbox Scarlet this E3?
I'm somewhat hoping they come out swinging to salvage my hype for E3 :P. I don't think we will see much from the new studios beyond concept trailers.