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I would argue that the situation isn't as bleak as it seems at first blush. In the long run, it will take care of itself quite nicely.

Once companies see that the watered down ports do sell, they will hasten to bring their own versions to the console. This breeds competition, as the market which was formerly fairly lucrative is now saturated. To stand out, third parties will have to step up their own efforts.

This is precisely what has happened in every genre and every generation of gaming so far. The games become better, have higher budgets, and slowly attract more talent and dedication from developers. This is the same natural cycle that's caused many developers to overshoot the general market, so in the long term it can be harmful.

But if Wii owners are willing to get the ball rolling, inertia will take care of the more immediate problem. In some ways, it's already starting. Call of Duty is an example of third-parties taking the first, baby step in this direction.