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You don't really need exclusives in year 6 of a console cycle, the back catalog is good enough, plus the PS3 gets the annual Call of Dutys/FIFAs/etc.

The audience that buys a PS3 for "exclusives" (which have basically been whittled down to internal Sony projects like Uncharted and LittleBigPlanet) is pretty small actually I'd imagine.

Uncharted sells to like what ... 5 million per iteration of the 70 million PS3 userbase? Having something like "Last of Us" probably wouldn't have made a big difference this holiday. Call of Duty, FIFA, Final Fantasy, Madden NFL, Battlefield, Need For Speed ... these are the important franchises for the Playstation and they keep getting those.