Torillian on 15 May 2010
If we're talking IP's that have been milked (taking a character and using him for everything you can) I would say that Mario is obviously the biggest offender and then the only one I can think that came up lately is Halo (mainly because of Halo Wars).
As far as franchises that have way too many iterations you can basically list off any series that has a new release every year (sports games, CoD, Guitar Hero and Rock Band)
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