8:59AM PDT - They've just announced that the show will begin in two minutes (that's 120 seconds for those of you counting down at home). We're being good little bloggers and turning off our cellphones like the nice man asked.

9:03AM PDT - A strange YouTube video of a talking DS talking about being left on a shelf as they release new editions. A video montage of media coverage follows. South Park, Stephen Colbert, QVC, newspapers, YouTube videos are all shown. Turns out the mainstream press has been covering the Wii a lot lately. Fast Money guys agree, the Wii is a hit!

9:04AM PDT - Reggie takes the stage flanked by his title and his adorable Mii. "My name is Reggie and I am.... happy."

9:05AM PDT- "For us today is more than a press conference, more than a business meeting," says Reggie. "We see today as a celebration. And by that I don't mean a celebration for Nintendo, but for all of us. We think this E3 marks an exclusive ... for all of us." He goes on to call this E3 as a "coming out party" for the entire industry. here in 2007 may well be seen as a coming out party for an entire industry. The industry is growing, he says. "Here in America, the worlds' largest and most competitive market, the video game business is up nearly 50% over the same period in 2006." In the UK, it's up by 42%.

9:07AM PDT - Reggie notes that this growth is only possible by expanding the market. The DS is leading the way, with 69% of game industry growth coming from the sale of Nintendo products. Rapid-fire statistics bombard the crowd: With regards to female players, there's a 20/80 breakdown for everyone but Nintendo. With Nintendo it's 33/67. More than 1 in 10 woman play regularly, a statistic that "is certainly a first in the video game industry."

9:14AM PDT - Reggie notes that instead of core users pushing out to the mass market, Nintendo is pushing into core gamers from "satellites" like Brain Age and Nintendogs. "Now I don't live in a cave, but I know what some people are saying," he says. "Sure, thats what's happening now, but it's just a fad. If I were in their shoes, I would be saying the same thing." He goes on to remind us that the Wii has been sold out for 33 weeks and is poised to be the number one worldwide in this generation very soon.

9:20AM PDT -The Wii Zapper is unveiled! You'll be able to "test zap" soon with Resident Evil: Umbrella Chronicles, says Reggie. It makes Resident Evil both "evolutionary and revolutionary". He then says Sega is bringing the full light gun arcade action of Ghost Squad to Wii -- "A good healthy ZAPPING." Medal of Honor will also take advantage of the peripheral, with up to 32 soldiers being able to play in multiplayer mode. The Zapper will be packaged with games, and launch at a price of $19.99.

9:27AM PDT - Super Smash Bros. Brawl releases on Dec. 3rd!

9:28AM PDT - Mike and Bill Trinen from Nintendo's Treehouse group walk on stage. They're going to play Phantom Hourglass. "I'm sure many of you think an all touch interface for Zelda won't work," says Bill. They invite a Zelda fanboy on stage to prove to us that the new Zelda game is good -- sure enough, he's controlling the whole thing with the stylus and we're really struggling to contain our impulse to rush the stage and see if it'll work with a D-pad.

9:32AM PDT - As Bill points out, the Japanese audience and Famitsu both love it, wacky control scheme and all. Jackie, another Nintendo fanperson they selected, is here to try Metroid Prime 3. "With the Wii remote it could not be easier to aim and fire at the enemies." That would explain the lock-on targeting then. It seems you can aim wherever you want while you're locked onto your enemies. But where's the zapper? Wasn't it going to revolutionize first-person shooters?

9:35AM PDT - A bunch of statistics regarding Nintendo's online service (yes, it exists!) -- 230 million game play connections over DS. Over 5 million players, without spending a dolar to connect wirelessly. The Virtual Console feature has already delivered more than 5.6 million game downloads. Wii Ware is officially beginning next year. A new channel is also on the way, "Check Mii Out." You submit your Miis to be voted on and engage in contests and promotions.

9:38AM PDT - "I can sense what you're thinking,"says Reggie. "Sure, but will Nintendo ever get serious about real online gaming?" He notes that Pokémon Battle Revolution is online, and connects with DS. Players in American will also soon be competing online with Mario Strikers Charged. EA Sports Madden NFL 08 and FIFA 08 both online this fall. (welcome to 2004, Nintendo!) From Square: Dragon Quest Monsters Joker Online. Guitar Hero III is also shown, sporting an exclusive wireless Les Paul controller.

9:40AM PDT - Mario Kart on Wii burns rubber online, the first quarter of 2008. " More racers means more fun. How many more? Stay tuned." A custom Wii wheel makes its debut with Mario Kart Wii! "Like the Wii zapper, this steering wheel has the ability to level the playing field for new gamers." It'll come packaged with Mario Kart Wii.