This failed even given the low expectations we had coming in.
I think this "wait for" meme needs to stop. At E3 we shouldn't expect any JP game announcements. We can give them the benefit of the doubt until e3 for new AAA announcements, but the flag has been raised.
IMO, given a 2 hour E3 conference, and assuming no PS4 or PS3 price drop, we'll probably get something like
00-15 = Talk about sales
15-30 = Talk about PSN, SEN, services, apps
30-50 = Talk about PSN games
50 - 1:20 = Talk about Vita games
1:20 - 2:00 = Talk about PS3 games
PS3 games will take the bulk of their E3 talk IMO. TLOU will be the big one, then there's also GOW4, Sony Smash Brothers, Sly 4, LBP Karting, Kara game or whatever, SF4 (heavily rumored), couple of big 3rd party games (GTAV, Infinite, CS: GO, etc). Hell they might even have to save some of those for Gamescom. They have lots of games to showcase for PS3.
For Vita games, I don't think we'll see Bioshock Vita or Ass Creed there. Irrational probably wants to get Infinite out of the door before showing the Vita version and Ubi is 100% focused on Ass Creed 3. Maybe we'll see call of duty, but I'm still a bit wary due to the fact that the guy that said it's coming this fall had no idea what he was talking about.
And had Levine not said a couple of days ago that "they're still working on Bioshock Vita", I would certainly start thinking it's smoke and mirrors like the PSP's RE, DMC, Elder Scroll announcements.