I guess they are going to try the exclusive release that Apple does? HPalm did that and well...you saw how well that worked out. Why would they not be present for the most talked about show in technology. Their phone lineup isn't so popular so I think CES would be the only way. Maybe I'm just old fashioned and grumpy.
According to Engadget, MS isn't using their last show to make an impression either; no significant announcements or showing, just more of a year in review. That would be very disappointing