I think that's what people are going to be saying after the conference, but in reality, it's just that their '08 is just a paltry, dilapidated Straw Man in comparison to their Guinness Book Of World Records shattering '07.
I mean, Mass Effect is hell of delayed, so it's getting the Gears treatment, but who's going to give a **** about a game we've already been gawping at for almost two years now? Few. Extraordinarily few.
I suppose it's possible that they've been sitting on some remarkable new IP, LBP-style, all year, but that seems unlikely. More likely, they'll just be trotting out stuff that they've been showing for two years now like Lost Odyssey, and maybe a hint of PGR4, only because they're '07 line up is so overloaded with awesome that it's oozed into Q1 '08. But once my birthday rolls around and April begins, things are looking pretty slim, and I think their e3 showing is going to reflect that. Since e3 '05, they've been hyping the same two years of content, what they've seen as the critical time for the console, and not really venturing beyond that. They've built up some amazing new IPs, but their sequels probably won't be as exciting a reveal as something like HOME or Little Big Planet.
They've spent the last two years blowing the same load, and I don't know that they've got enough to get it up again. If anyone will end up "losing" this new e3, it'll probably be them, unless they can swerve some kind of Rock Band connection. Or somethign completely out of left field.