Not expecting any megatons this year.
But hopefully Nintendo have got quite a few smaller surprises in store for us. I'd love some more MK8 DLC, a SNES Remix, the finalised version of Art Academy Sketch Pad, etc...
Guessing Star Fox will be fully revealed this time around, and we'll see what (if anything) has become of Project Robo/Guard. I suspect if we're going to get any significant retail game announcement from Nintendo it'll be a Wii U version of Animal Crossing. Which would be awesome, but at the same time I do worry that they'll be sticking to the formula too much, and AC could do with a bit of an overhaul now.
As for Direct vs Press Conference, I'm not really fussed. At the end of the day the content is the same, and that's ultimately what I'm interested in. Obviously the shows we've had in the past have provided a lot of entertainment and some great moments, but we've had more than our fair share of "zazz" over the years: