Battlefield 3 was supposedly announced in June 2009, by John Pleasants, EA's chief operating officer at the time.
I've had the luxury of looking at Battlefield 3 over at DICE in Sweden and was highly impressed by the way the team is working on that product," he said. "Of course, that's not [coming out] in the fiscal year, but that is a product that is looking very good.
Now, I am not totally convinced by this comment, and I still think he might have mistaken Bad Company 2 with Battlefield 3. Although since EA never publicly corrected the comment, maybe it was accurate.
So, assuming Battlefield 3 was in development in June 2009, and is "looking very good", it wouldn't be too much of a stretch to assume we will hear some news at E3. Although I am not sure how DICE will balance Bad Company and Battlefield. Bad Company 2 was well received on the PC, but it still wasn't Battlefield 3.
Will DICE release Battlefield 3 for the consoles? If they do, it would have to be a Modern Combat type of situation, where the console game is pretty different from the PC version. Unless DICE can really optimize the code for Frostbite, I doubt we will be seeing large-scale conquest maps like in BF2, especially if you add in destruction. The best thing for DICE to do is to keep the standard Battlefield for PC-only, but also work on Bad Company as a PC+Console release, while still supporting it.
Ideally, DICE would announce Battlefield 3 with a trailer at E3, for PC only. But let's be honest, after the huge success of BC2 and 1943 on the consoles, EA isn't going to divert all of the resources towards BF3, and will surely have some future Battlefield plans for consoles.
Next up: The State of the Battlefield Franchise: Battlefield: 1943