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CGI-Quality said:
A good question, though I don't think not having one is of much consequence. Besides the PS1 era, Sony hasn't ever really had a huge hit like the obvious: Gran Turismo. Uncharted 2 may get close, even God of War III. But I think Sony will continue to have 3-4mill sellers and be just fine.

Truth be told, Nintendo is the only company of the three with more than one franchise that does over 5 million.

Both Gears of War have sold more than 5 mill, so that gives MS two franchises.