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No, Square got caught with their pants down this gen. They've been making expensive games for the PS2 for years but have been able to turn a profit due to the ease with which they could sell a couple million copies over the huge userbase. Since most of their development is done on PCs taking MS's big wad of cash for exclusives makes far more sense than the extra effort it would take to port the games to the PS3.

Why they didn't start more cheap Wii projects after the Wii started selling like crazy is beyond me.