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The Mario IP is certainly being milked(though not to the point that it will have a negative effect on sales).
This is thanks to the fact that the IP has spawned 5 not-so-milked franchises:
Platformer
RPG
Sports/Racing
Party
Puzzle

Of which I'd certainly call the Party series milked during it's time, though it's probably due for a proper update after WM+ is released.