Eh, how Sony has been doing things seems to be working for them, but I think they don't have enough stuff to equal what they showed in the past. I think its going to be an E3 2014 level of announcements, and not the "holy shit wtf is happening" E3's of 13,15 and 16)
Their first party announcement and follow-up are pretty strong (I expect us to see more of GOW, Days Gone and Spider-Man this year. I don't think TLOU Part 2 or Death Stranding will be shown)
But as for "NEW" announcements, I don't think what remaining first parties they have who haven't released something in a while (like Suckerpunch) are going to be coming out with a big mic drop moment (I like inFamous, but I wouldn't consider it or suckerpunch one of their killer studios) unless its a completely fresh new IP they will unveil.
At the same time, it feels like they have also announced what could be considered vaporware. This usually isn't first party related, but rather third party related, as FF7 Remake, KH3 and Shenmue 3 are still in development and we don't know when we will see those again. Some first party stuff like Dreams or Death Stranding if you count it also don't seem to be materializing any time soon
But they are also the platform of choice for the big AAA blockbusters, with Star Wars, COD and Destiny all backing Sony, so they are totally capable of resting on their laurels.
So from this rambling I've done, I expect this years Sony e3 to be a quieter one like in 2014, and not something crazy like 13,15 and 16. They will follow up on games like Spider-Man, Days Gone, and GOW. I don't think they will reveal many big "new" first party titles. They will probably showcase their third party stuff, but don't expect things like KH3 and FF7 remake Shenmue 3, Last of Us Part 2 to show up.
Death Stranding won't have any gameplay... but probably another tone trailer.