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Jay520 said:
I've always thought milking was simply releasing a lot of games within a short time. Since I've seen a lot of people say X game is milked even when the series has been high quality. People also say a series is becoming milked when a new game is announced yet hasn't been released. For example "Halo 4 and 5 are already announced? Microsoft is milking Halo!". In this example, the games haven't even released, yet people are still calling it milked. That's why I don't think the term is tied to quality, just release frequency. And even if that's not the popular definition of milked, its the one I'm referring to, as noted in the OP.

Yes, but if the frequency is too high, the value add between each entry is reduced for the same price. Since value-add is a measure of content which is an attribute of quality (for games), then milking can be considered a reduction in the quality/price ratio and hence leads to a rip-off. Anything that doesn't fall into that can't be called milking.