The Escapist should decline to cover E3, yes, BUT ONLY as part of a larger effort by the game/new media journalism industry.
The thing is: alone, the site alone wouldn't matter. However, with the big players in game journalism like IGN firmly owned by SOPA-supporting corporations (News Corp, in IGN's case), only an effort from many smaller (Blistered Thumbs, PennyArcade) and more general new media-related sites (Escapist) together will be able to really get their attention.
And even then, people might still tune into IGN's coverage, and the effect of it would be lost, instead hurting the boycoters more than ESA.