Meh: toy shortages don't bother me. That would require either of the two local stores which carry transformers to actually restock, and since wave 1 of war for cybertron hasn't moved, there's no new coming in.
In terms of E3, I think the show, or something like it, DOES have a place. I'm just not sure the current organizers really grasped how best to operate such a show. WAY back in the day, E3 was the only event that showcased games at all. But in the last decade or so, we've seen the rise of PAX, GDC and SXSW as viable venues to demonstrate new and upcoming games.
In a lot of ways, it's like how the Toy Industry has gone from Toy Fair being "the BIG one", to being one of several events throughout the year (SDCC, NYCC). I think that, for how "far viewing" the games industry is....they seem pretty "stuck in their ways". Everyone still views E3 as the one and only, I think companies needs might be better met in new ways.
Maybe more companies should follow Nintendo's example with their Directs. Instead of spending millions at big shows that say nothing, they could do it with a pre-recording event which might also alleviate the myriad of "gaffs" that have become the hallmark of E3 events. Instead of wasting everyone's time with a 2 hour presentation, release said recording BEFORE E3 and allow the press to use that time to actually, y'know, COVER GAMES that should be coming. Or to cover a smaller firm that can't afford to be part of those eye-stealing presentations.