The big  announcement is that Xboxlive just got hacked.

@CandiBunni said:

@AuthenticM said:

The only "next-gen" console we'll see this year is Nintendo's. Considering it's as powerful as a PS3, I'm abstaining from calling it "next-gen". The PS4 and the next Xbox will be true next-gen consoles.

And where did you hear it's as powerful as a PS3?

Would like to know this as well.

Disc-less 360's. I'm calling it.

The big announcement is so obvious. It's Final Fantasy XIV and an exclusive expansion pack.

Judging by that apparently leaked Xbox magazine cover, I'm suspecting that there won't be any huge surprises.

Game Room 2 will be unveiled and it'll be called Game House.
 
The show will be over after this announcement and instead of closing the curtains, they'll close the blinds.

I think Microsoft thinks they've got a big E3 announcement, but that it's something we've already heard rumors of or something we won't really care about.