I believe it does quite well for itself. But it had more clout for those exclusive trailers during that period when there was only E3 at mid-year and it sitting at end-year. Now there's shows or presentations every month practically, Gamescom has become an equal to E3 especially with European devs, PAX is around seemingly endlessly, etc.
I think it might do better on the exclusives if it was positioned to "start the gaming year" and be the pre-E3/1stQuarter show, rather than come after the four month rush of E3/TGS/Gamescom/Blizzcon/Quakecon/etc... you know, except for that part where they want the awards out before the Christmas season.