With no E3, at least when Sony having nothing new to show again if won't be noticed. :)
In all seriousness though, I really like the big build up to platform holders doing a blow out around June. I don't really care if it's E3 or if Xbox/Sony etc do their own shows around the same time.
But it'd be a bit rubbish if Sony/Xbox do go their own way and, for example, Sony just go with an event in April and Xbox in June (on top of PSX/XO).
Sony/MS need to remember though that other publishers benefit from the Halo effect of the big boys' presence. Sony etc pulling out kills off a big event that many smaller companies still need to promote themselves. Getting everyone in one place together at the same time benefits everyone.
Geoff pulling out does mean fewer eyes on those smaller devs at a time when they could benefit from it.
Alternatively, it could be the kicking they need to really update the event or kill it off and let someone else have a crack at it.