The recent past's big E3 keynotes have been largely disappointing. Does Nintendo have the right idea?

I can't remember the last time I was truly wowed by an E3 presentation from Sony, Nintendo, or Microsoft (or for that matter, EA of Call of Du... err.. Activision). What we've been getting have been a couple good game announcements, with a ton of fluff filling in the cracks to bring the presentation to roughly 60-90 minutes.

I feel like Nintendo might have the right idea by foregoing the theatrics and huge press conference that people will dissect and ultimately be disappointed with, and rather, have a few focused events that show off what they've been working on in a not-ridiculous setting.

Thoughts?