However, Academy of Interactive Arts and Sciences president Joseph Olin told Shacknews that no company wants to be excluded from E3, noting that the conference is still the largest annual gathering of its kind in the gaming industry.

"The venue itself, I don't think E3 is as exciting as the products that are within it," Olin added. "I think, perhaps [at] the old E3, the frame overpowered the print. And now, I think it really is the opportunity to focus on the work, which is the most important thing."

Olin's comments bear sharp contrast to remarks made by several industry leaders. Electronic Arts CEO John Riccitiello offered harsher words for the revised E3, which as of 2007 has shifted towards an invitation-only arrangement for attendees.

"I hate E3 like this," Riccitiello told the San Francisco Chronicle, as reported by MCV. "Either we need to go back to the old E3, or we'll have to have our own private events."

Oft-quoted Wedbush Morgan analyst Michael Pachter remarked that "the spectacle of E3 is dead" in an investor mailing, adding that publishers and console manufacturers must take action to salvage dwindling consumer interest in the annual show.

"The Los Angeles Convention Center concourse was as quiet as a college library during summer, with little to attract media attention," Pachter wrote. "The main game display area was similar in size to a school cafeteria (as compared to filling the entire convention center)."

The comments follow remarks made by 3D Realms CEO Scott Miller late last month, who said that the long-awaited Duke Nukem Forever would not be appearing at E3 because it was "irrelevant."

"It's just that we view E3 as irrelevant nowadays," Miller told Next-Gen. "In fact, I wasn't even aware it was coming up."