disolitude, while HD gaming isn't by default devastating, it is a huge risk. When you gamble big, you stand to lose big, and many devs are putting all of their eggs in one basket. Maybe they were hurt by the bad economy, it would still have been less so on SD games than HD. No way around it. Maybe they were hurt by making bad games, but this is more pronounced a loss on HD games than SD. So on and so forth.
And obviously there is a reason they lost all of that money, or they wouldn't have done it. Even if it's from R&D on next year's games that's no excuse, since that is the case every single year. They had 2008 R&D costs in 2007, after all, and companies that are successful post profits even when they have dozens of games in development (Nintendo). The fact is, Sega sucked badly last year and lost a ton of money. There's no excuse for that, especially if you're an investor. If you had money in Sega, you wouldn't accept "we're preparing for next year" as an excuse for this year's failure.
Also, I'd have to say the entire history of Sega shows they are stupid and like to lose their money. Not even when they were on top of the world with the Genesis were they able to consistently profit. Now that their games have to sit on the same shelves as much better products people realize they produce crap, and if they want to ever be profitable they should just stick to making what sells with the occasional foray into buying successful studios.
You do not have the right to never be offended.