If you work for any of the "big" gaming press, I'd argue that E3 has never been about obtaining content. All of the content we (Play) obtained was before and after the show, unless it was from a company we previously had no contact with. E3 has always, for the people who don't need to get their foot in the door of the press contact of various companies, been about hobnobbing with the companies, checking out hardware and software you haven't had a chance to try out yet, and in general taking in the atmosphere. You go to E3 so that you can try out Sonic on the Wii, or say "Dead Rising is looking pretty cool," or get interviews with a developer in a back room.
If you're press that doesn't already have your foot in the door, and you go to E3 expecting to be able to do a lot of in-depth coverage, then that's your mistake. E3 should be about getting a glimpse of what is coming up, what looks cool, and convincing the companies to give you the time of day so that you can later then get builds from them in order to do real coverage.