Yes, for sure, and I applaud Nintendo wholeheartedly for their bravery and vision in adopting this approach.
From the start, it was very clear that Iwata was more at home with the Direct. Also, they wouldn't have to put up with incompetent "games journalists", they can do it on their terms, and deliver the messages that THEY WANT. I watched the Wii U reveal at E3 2011. On Youtube, the console itself can be spotted on AT LEAST 12 or 13 occasions; If you were a journalist in the room, then there was no excuse whatsoever for saying that the Wii U was just a controller and spreading "confusion" - that was of their own making. More so, when on some of those occasions, an image of the console was visible on the projected screen behind Iwata for a longer period of time. It is true that the GamePad was a focus, but Reggie said very clearly that it was "the controller FOR their new console", not an add-on, or the console itself. Instead of reporting and doing their job, they were spreading their ideologies and pandering to "Mr. Hardcore", who hated the Wii name, and everything about it. "Games Journalists" can be pissy all they want, but it's not about them, and a Nintendo Direct means that they would no longer get all the privileges of a conference. So, Yeah, I guess that makes me a member of "Team Direct". I was also genuinely excited when Reggie mentioned that there would be demos in stores - Unfortunately, that didn't appear to extend to European shores on this occasion, but I liked the idea of "bringing E3 to the people".
They can have an Extended Direct, or a day dedicated to them. One for the Wii U, and one for the 3DS. Or Special Winter and Summer Conferences. They can keep the Direct, but have segments - This year, I would've given Platinum Games 10 minutes of stage time and trailers, and also Sega, but in a Direct, it could be trailers and Iwata Asks with Kamiya, Hashimoto, then with Iizuka, or something among those lines.
The ideal delivery for me would be their content for the Wii U, then other parties and the Indie Circuit having dedicated time. Both would appreciate their titles having more exposure, and it would show visibly that they are opening their arms to them and building on relations. Then the same for the 3DS. If they can push for a 60-minute session, it would be fine - That way, they can get some titles trending on Twitter and generate a buzz. They always trend strongly with their Directs, everywhere, and without a promoted tweet in sight, so I think it is better. Certainly, they aren't echo chambers - the 13th September conference last year, where Bayonetta 2 was revealed is proof of that; it was the #1 trend Worldwide. After the E3 Direct, Mario Kart 8, Donkey Kong Country and Mega Man were just a few of theirs which were top Worldwide trends, too. I think it's the best approach, and there is plenty of growth potential.
There was plenty of content at the E3 2013 Nintendo Direct for just under 40 minutes, and I thought the Super Mario 3D World reveal was a very tight, well-crafted clip which showcased the game brilliantly. For me, it is just a question of fine-tuning the delivery of the Direct and ensuring that the streaming is smooth. Finally, I would have a short Q&A Session (about 10 questions) during a live chat for some time on Miiverse and their Facebook accounts.
At one time, it was a boyhood dream of mine to go to E3 some day. But now, the Nintendo and Sega fan in me actually hopes that they ditch E3 next year, and stick with this approach going forward - ESPECIALLY with all the douchebaggery that's gone on at that event in recent years.