While saying "Set the bar high" can have a vary of definitions, I am looking towards Sony's conference in the same way that some have looked into Microsoft's conference yesterday.
For a company that only does 1 big conference per year, that's setting the bar low. As a PS fan, if Sony showed what MS showed yesterday at either the PS Experience or E3, I'd be disappointed in Sony. I expect Sony to bring it at least twice a year, and I think a lot of PS fans do too. Unrealistic yes, but the bar was set high by them.
If you follow PS news closely, you'd notice they announce stuff that are coming out soon as well, just not at E3, but at smaller events or just as blog posts. I think you are also underestimating that presentation matters in an event like E3. Last year the Orchestra was great for Sony. Makes sense for the games they were presenting. For Call of Duty they didn't mention it was Call of Duty first, just showed gameplay and have people guessing a bit. Some get it faster than the others, but there's some mystery and surprise in the presentation even if it was just another Call of Duty.
I'll give credit where it's due. Ori was presented very well with the Piano. Makes sense with the somber feel they are going for. The rest of the stuff wasn't impressive. If I'm being polite I'd say it's an good show for people who are interested or already in their ecosystem, for everyone else it's an average show at best.