Well, it remains to be seen if they can be more effective. Ensemble wasn't "ineffective", they were one of the top strategy developers in the world.
Personally, a development studio's biggest asset is the people, followed by the IP. I would never, ever, give my IP to a big publisher in exchange for funding. That just leaves you open for closures and bad financial situations, because if you have owned IP, you can leverage that financially in the future, to get out of tight spots or have better contracts.
Of course, if I was a big studio, I would try to get the IP no matter what. IMO MS has made some mistakes by not buying Bioware, and not owning the Mass Effect and Gears of War franchises, after having put so much money into them. Heck, I don't care it costs 2 billion, I would buy Epic Games, they are a great creative and technology studio which would be a massive asset. But, as shown by Microsoft's actions the last 2 years, they are going the opposite direction - closing down 4 or 5 studios, letting Bungie go, etc.
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