Is Google I/O going to be the silence before the storm?

Sundar Pichai (Head of Android, Chrome and Google Apps) recently said that Google I/O this year is going to be developer focused. I think that Google is currently in the phase of silence before the storm.

The Verge hasn't reported on this much but everyone is pretty sure right now that we will be seeing another version of Jellybean at I/O instead of Key Lime Pie. Not many features have leaked of the OS except for stuff like 'Play Games' (something which might be available to older versions of Android as well), refined Maps and Gmail UI and some other technical stuff like low power Bluetooth (possibly hinting towards a watch). All indications point towards an iterative upgrade.

A new Nexus 7 and an LTE Nexus 4 are reported but I think these might be the last of the Nexus program as Motorola will start making stock devices. Maybe Google is saving up their big 5.0 release for the X-Phone later this year as they want to build up as much hype as possible before its launch.

What do you guys think?