A report released yesterday indicates that this console transition is far worse
than previous hardware iterations. From the Gamasutra article: "This console transition, he said, is 'far worse' than that seen from the years 1999 through 2001. Additionally, Lowell points fingers at the increased popularity of online games, a general lack of creativity in game development, and 'no Halo or Grand Theft Auto-type blowout titles launched in 2005,' echoing the sentiments of many other analysts."
Next Generation has an analysis of what makes this transition so bad
. (this last piece is satire)