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Rare is working on two projects which are not VP related. Lionhead in two others, with Project Dmitri to be unvealed in 2009. Bungie is working on 3 new IPs and we know if the games have big multiplayer elements like Halo, they would prefer to utilise the infrastructure they have built with Xbox Live. MGS is working on 2-3 other Halo games not announced yet and who knows what else they are cooking internally. We know Gears 3 will come. Turn 10 are working on 2 projects. MS has built relationships with all the top publishers and developers so nothing is stopping new exclusive deals in the pipeline. And nothing is stopping other smaller indie projects or MS acquiring new talented studios.

In the latest round of hiring top class talent, I dont see how people are worried about the manpower or talent. If anything, MGS is growing rapidly and has come a long way since Xbox days.

Imho, the only people worried about the future of MS 1st/2nd party are the Sony fans here. The 360 owners here know there is hardly anything to worry about.