You know, it might, the community boss said. Its really important for us that we dont lose sight of Reach [Halo: Reach which Bungie are currently developing for XBOX 360]. We have a lot of work to go, and the vast majority of our team is still very much crunching hard on Reach, so I can tell you that this year is going to be pretty much all about Reach for us."
We'd be very surprised if Bungie showed anything at E3, but you never know. This deal is huge for Activision and they might want a teaser trailer as part of their conference just to back up the discussion.