Expected to see... but didn't
Winner: Alan Wake
Considering we'd originally heard (granted, two years ago) about how this cutting edge horror novels-becoming-reality insanityfest was going to infiltrate our fragile psyches in January of 2007, we kind of expected we'd see it at E3. Yet, despite the fact that we searched the entire Microsoft booth stem to stern, there was no sign of it. We're going to assume it's just sleeping and not entirely dead - not because of any hard evidence, but because the concept and developer are both strong and we really want to play it.
Runner-up: Final Fantasy XIII
The only reason this upcoming, yet MIA, cyberfantasy RPG didn't take the top slot in this category is that it's so far out, we didn't expect more than a recycled trailer - but we didn't even get that.