Not yet.
I think the only ones who want to call "time; game over!" are the ones who would just as soon overlook the continuing gradual shift in marketshare as the Wii continues its slide into obsolescence and the majority 60% of the hardware sales becomes evenly split between the PS3 and the Xbox 360.
Basically, the 7th gen ends when primary software support tapers off by both 1st party studios and more importantly, 3rd party studios. This specifically means leading edge projects as it's a given that any hardware platform that doesn't see production cut prematurely will continue to see nominal software support (mostly lower budget titles and ports of next gen games) until production finally ends.
It is however in its twilight years and the next iteration of the big titles are likely to be the swan song for each major IP seen this generation. Many of the major IPs will not be seeing another iteration this gen and are undoubtedly already being developed for next gen hardware.
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