It'll be really bad, but I doubt it'll be the trainwreck last year's was...
I'm expecting:
-enough sales charts to give PantherLotus and JoshuaJSlone a Gaborn style boner
-crappy montages on how Wii is for "everybody"
-a few shitty American 3rd party games
-more 3rd rate celebrities making cameos
-Wii Sports Resort
-quick montage of DS games in the pipeline but nothing interesting like a US translation of Soma Bringer
-no Zelda, no Kid Icarus, no StarTropics, nothing that would make me have any interest in the Wii will be announced
-no Bob's Game
-after the show I expect a new Intelligent Systems game will be stealthily announced.