Disagreed. Only a tiny sliver of a fraction of the world's population would have the ability to attend such an event, and for the rest of the world it's just like watching an E3 press conference. I actually prefer the way Nintendo are doing things with their Directs right now. There just needs to be more of them. Instead of burning a ton of money on logistics and accommodation for a single event, why not make more frequent and elaborate Directs, an even more elaborate E3 next year, and spend the remainder of the money on greater presence at already existing trade shows? Oh, and why not bring the Treehouse crew along and stream stuff? Yes, anyone can stream, but no one is really doing at the Treehouse @ E3 level yet. So it's worth doing.
Nintendo already did some really cool stuff together with Mega64 and the Robot Chicken guys for last year's E3. I guess I'd like them to continue on that path, and not fall back on the old conference format (which honestly feels a little dated at this point).