Exactly, this is a win-win situation for publishers/developers and gamers as they each get their own dedicated conventions. E3 and GDC were losing focus and trying to do too many things at once. Now its very clear what each convention represents.
PAX - For the gamers, Concerts/Fan Events, Game Announcements and Betas.
E3 - Vendors, Publisher Press Conferences, Developer networking, Private Meeting Rooms, Lineup annoucnements
GDC - Process sharing, Education, Job Fair, Tech Demos
None of these conferences are perfect, but I did see a marked improvement in the latter two that I attend compared to a few years ago. GDC was starting to have press conferences, E3 was having hour+ long lines to play games due to the tens of thousands of gamers in attendence, and gamers just wanted a convention of their own to attend. It seems all three conferences are learning their niche and will hopefully flourish as the industry gains value by holding these annually.