Here are some of my thoughts on E3:

Microsoft:
Best Trailer:
 The Beatles: Rock Band. I don't like the Beatles or play music games, but that animated trailer is awesome.
Best Demo:
Splinter Cell Conviction.
I'm interested in a Splinter Cell for the first time.
Biggest Game Surprise:
Left 4 Dead 2. Valve releasing a sequel after only a year? Hell has frozen over.
 Biggest Hardware Surprise:
Project Natal. Possibly a revolutionary announcement.
Most Disappointing:
Alan Wake. After all of the hype people have given it, the demo didn't look too interesting. Also EPL matches streaming only in the UK? F U Britain!  
Overall grade: A
Almost every game looked cool and Natal looked liked it actually worked.

 Nintendo
Best Trailer:
Super Mario Galaxy 2. More Mario Galaxy is always a good thing.
Best Demo:
Wii Sports Resort. Wasn't great but it was better than New Super Mario Bros. Wii
Biggest Game Surprise:
Metroid: Other M. The remnants of Team Ninja have to prove themselves.
 Biggest Hardware Surprise:
The Vitality Sensor. WTF?
Most Disappointing:
Style Saavy getting that much time
Overall grade: C+
Mario, Metroid, and Wii Sports saved it for me.

Sony
Best Trailer:
 The Last Guardian: I don't know what you do in the game, but it looks amazing.
Best Demo:
God of War 3. The only bad part was that it doesn't come out until 2010
Biggest Game Surprise:
Final Fantasy 14. They're not even done with 13 or versus 13 yet!
 Biggest Hardware Surprise:
The motion controller. Looks like a better version of the Wiimote
Most Disappointing:
No LA Noire. Cancellation Confirmed?
Overall grade: B+
Tons of great games, a few "meh" games, and an overpriced new PSP