Exclusives are an important key to a healthy industry. Think back to Mario and Sonic of the 16 bit era (if you're old enough - my youth was playing on the commodore 64), and remember this most important fact, were it not for the shining exclusive Mario, we wouldn't have the shining exclusive Sonic. Exclusivity generates competitive business which us gamers can only benifit from. MS are showing a concerning lack of interest in exclusives and this can't be healthy.
If basking in the cash flow from annual online Live matches of Call of Duty is in MS's best interests, kiss goodbye the driving force of quality in quantity from the days of old and bye bye Golden Era of gaming. MS will use Xbox 360 to have a bigger say on games using the platform as they've demonstrated on frustrated indie devs and remember it didn't work out too well for Nintendo with the green blood in Mortal Kombat 1.
We need exclusives such as Halo driving the ever improving quality up on rival exclusives such as Killzone 3 (the best FPS shooter this year). Gears toing it with Uncharted etc. MS can't relex, they need games to counter God of War, Little Big Planet and Metal Gear Solid. I'm not an online gamer (mainly due to actual commitments) but with the PS3 I can get all the best exclusive titles in quantity as well cross platform games. To counter argue the best reason to own a 360 is to get the best versions of cross platform games is silly considering some of the better versions are on PS3 as well (Portal 2, Final Fantasy etc).
For proper hardcore gaming, we need exclusive title's. Sure fanboy arguments stem from these but lets face facts, it's healthy for the industry. For example, look at the shining quality of the exclusive Mario titles today, but look at what has happened to poor old cross platform Sonic. I doubt Sonic would be as horrible as it is if still developed on exclusive hardware rivaling Nintendo.
If MS aren't going to offer exclusive games in quantity then I'm staying put with Sony for the superior offline gaming experience (strike Skyrim from the record lol). Last Guardian here we come!
PS can someone please buy Resistance 3, it's one of the best action survival horrors this generation and a completely different beast from it's 2 older inferior brothers (I was wrong about being unhappy with the removal of the regenerating health, this game throws you fact to the past with medi packs next gen style and is only for the hardcore).
I hope MS have something special planned though, I really do as I'm sick of sounding like a Sony fanboy.