Nintendo blew it. They had such an opportunity to win the console war and I don't think they'll be able to do it. There was no mention of a new Zelda game throughout the entire conference, but they felt it was important to have Shigeru Miyamoto play the saxophone...yeah.
Some moments were surprising, like introducing a GTA game for the DS, GTA Chinatown wars, and a new Wii-mote add-on which can sense hand movements more vividly (Think of a Zelda game where Link swings his swords to your movement!)
If Nintendo had at least mentioned a new LOZ game, people would have really supported Nintendo for the rest of the year, but with Microsoft releasing games like Final Fantasy XII and Soul Caliber 4, this year may belong to them. Nintendo may have seriously screwed up this year, but if they can see the problems with the conference, they may be able to bring themselves back to the spotlight at next years E3.