Cancel? i read on gamespot, it's more like revising.

According to the report, Entertainment Software Association president Doug Lowenstein is expected to announce within the next 48 hours that E3 in its current form has effectively ceased to exist. The report suggests that the catalyst for this radical departure appears to be a decision by the large exhibitors -- typically videogame publishers -- that the significant costs involved in an E3 presence were simply not yielding an expected return on investment in terms of media coverage. As an alternative, the exhibitors have suggested a series of smaller, company-focused events as a better use of resources.

Currently, the E3 2007 website is still active and has the dates for the Expo still intact, but if this report does turn out to be accurate, the event could very well be E3 in name only.

The Entertainment Software Assocation, which hosts E3 each year, announced today that going forward the Expo will be an "intimate event" rather than a massive trade show, hosting press events and small meetings with media, retailers, and developers. According to Electronic Arts, the redesigned E3 will now take place in July.