I hope, I really hope Sony is planning on doing a 100% full unveil with this event then. 1200 people, then showing like 3 short snippets of video and claiming its "in-game" then showing some photos of the device with no details on specs or price would be a disaster and the media bloggers would chew them apart.
With an audience of ~1200, Sony better bring it 100% or face the consequences. I suspect they are going to do a full unveil but of course that comes with a price as well. That means they show "most" of their hand, VERY early in the year. Sure show some games at E3 and try to keep that hype going.. but its February. Blow your load this early and you basically are leaving a gaping hole open for Microsoft to come right in with its multi-hundred million dollar marketing bicep to deliver the knock out punch. Sony doesn't have the bankroll to play that game any more.
I'm excited either way, should make for some great meltdowns in both camps.