What does this mean in regards to Shenmue 3? I don't want to set my expectations too high, but I am at least hoping to see some footage of the gameplay in real time and not just a trailer.
It doesn't mean a whole lot, just decreases or eliminates the already unlikely chance a demo is available on the show floor. There are lots of reasons why it wouldn't/couldn't/arguably shouldn't be at that part of the event, but no Deep Silver-specific booth space should put any flicker of possibility to bed.
There is the remote chance they could use THQ Nordic's space, but that doesn't really work with how they like to keep those structures separate (they're not even sharing a meeting room), and truthfully if Deep Silver really wanted a booth they could definitely get it this year - because of the gaps that Sony has left in not attending, and Microsoft doing their own event off-site.
The mostly verified facts are: there is a 30-minute E3 demo for press that Deep Silver are taking bookings for, and press will not be able to record their own footage. Again, nobody should freak out about that last part because it is fairly standard practice (game dependent, obviously), and has no bearing on whether Deep Silver intend to show gameplay through another avenue.
Actually I'd say that last part makes it a given we'll get a reasonably good look at gameplay at E3, because when you pop the lid off that stuff, you want to control it rather than show it through some influencer from GameDicks dot com farting around in a time limited demo.
Will there be a trailer? Oh most certainly, and I'd be surprised if it barely contains a whiff of gameplay.
Will there be a gameplay specific video that gives a detailed breakdown of mechanics and systems? Maybe - these kinds of videos are a really good way to explain what your game actually is, but I could see this being kept in the chamber for a little closer to release.
In a little over three weeks we'll know a lot more about Shenmue III than we did before. I feel relatively comfortable saying that based on just gut instinct and the timing.