I think hype is great.
This is why I enjoy e3 time as much as I do, there's some giddy excitement up in the air, that might not even materialize into actually good games, but I don't really give a fuck. As OP said, it's like Christmas time, opening the presents will last 2 minutes tops but it's the whole build up.
I want to watch those conferences, I want to be surprised by games I didn't know existed (which is also why pre-e3 leaks annoy me greatly), I want to see crazy reveals that make my heart beat. I want to see a diverse portfolio of stuff I might not care about in the end.
When ubisoft revealed Watch Dogs at E3 on stage, I was so crazy, like OMG WHAT THEY ACTUALLY HAD A SURPRISE OMG WHAT IS IT, plus the fact that they don't really tell you what the game is and you basically discover it as you watch, it's so well put together, just plain scripted of course, but such a joy to discover. Then I went on to not really being that interested. I did enjoy the game when I got around to playing it, but it had nothing to do with the initial surprise and hype generated by the reveal. And I don't even consider that a bad thing.
Also, I was almost shaking in excitement when FFXIII was revealed to be coming for 360 at that other E3. I never cared for FF, and didn't care more for it after this, but I just never thought this could happen, and I loved being so surprised along with the rest of the videogames enthusiasts watching around the world.