I'll make this explanation as concise as possible; E3 is an expo dedicated to all things video games related. That includes the announcement of new video games, new video game systems, and video game software/hardware. It is the place where the Nintendo Wii, Ps3, and the 360 were announced by their respective companies.
Now to focus on 2010's E3.
We will begin with Microsoft and the Xbox 360.
The Microsoft press coverage started out with a slight surprise as Microsoft announced exclusive rights to Call of Duty and future Call of Duty games. I'm assuming that means you can no longer play it on the PS3. Sony fans may be disappointed.
From there, Microsoft revealed new trailers for upcoming 360 games. Games included Metal Gear Solid: Rising (Subjectively, this looks like a knock off of Ninja Gaiden). Gears of War III (with 4 player co-op + Contra-ish villains), Fable III (Looks promising), & Halo Reach (with the ability to pilot a starfighter and participate in a space dogfight!)
Project Natal has officially been labeled as Kinect.
Wave and your logged on. Your hands and voice are the controllers. Your voice can select options too. Just say "zune" and voila! "X-box play" and it begins to play a game. "Xbox Music" and a song plays. (depends on what song you have first on your list on Zune).
FINALLY A NEW 360 WITH BUILT IN WIFI + it will be out this week. Yes. THIS WEEK.
New games announced: Rayman Origins.
That's it for now. Tomorrow E3 will cover Nintendo + Sony. Stay tuned!