It's a definite issue, although hardly uncommon - arguably both the music and film industries, particularly in US, have faced the same issue of a huge swing to demographically driven, narrow genre "more of the same but different" titles.
It could lead to some nasty crashes at some point if the market simply hits saturation of big titles - then just as with films you'll see some big failures and some real panic set in.
But so long as there's an avenue to market for less costly, more adventurous titles - and of course a market for them - then it'll work itself out over time.
On a personal note my tastes have swung away from the supposed AAA titles - I doubt I'll be getting MW3 in a rush for example - and to either newer franchises that still seem to have fresh ideas or smaller, indie or digital titles. For example the single game I'm most interested right now is the PSN title The Journey, very much looking forward to trying it.
It's worth remembering that the truth is there simply are more people looking for another meal of more of the same than those looking for something new and fresh and willing to risk some disappointment - that dictates a lot of the issues you mention as it drives the market that then drives businesses towards low risk approaches.
Try to be reasonable... its easier than you think...
