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UltimateUnknown said:
I think you missed the point. FPS' aren't popular because of their linear single player experience. They are popular for almost exclusively their expansive multiplayer. The real reason FPS became the phenomenon they are today is because of the advancements made in technology to support online multiplayer, which wasn't that popular or well done in the previous generations.

So comparing FPS to Beat em ups isn't really intuitive. One is multiplayer centric while the other is single player centric with maybe some co-op thrown in. Different people of different times with different tastes.

That's only partially true.  The CoD phenomenon wouldn't be the same, obviously, but the FPS genre would still be very popular.  Look at the critical and sales success of Borderlands 2, for instance, which is single-player/co-op.  Look at BioShock and Left 4 Dead.  FPS games wouldn't have the CoD/Halo sales monsters, probably, but they'd still be an important segment of this generation.