Rockstar were due to show off the very under-the-wraps Max Payne 3 and dark, gritty, period piece L.A. Noire.
"In the end, we feel we simply don't have enough time to show as much as we would like in the time available"
Just a couple of weeks ago you may have read about EEDAR analyst Jesse Divnich, who "confidently predicted" that GTA V would be shown in a non-playable form at E3. He wasn't the only analyst falsely getting people's hopes up though, you may also remember back in March Janco Partners analyst Mike Hickey predicted Rockstar may even come forth with a pre-E3 announcement.
We'll of course be keeping you up to date with any developments that do arise regarding GTA V, so keep an eye on your news feeds for more on that.