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cloud1161 said:
They still matter, just not in the same way they used to or to the same extent.

Pretty much this. They matter if you're Nintendo whose top 10 selling titles are 85% exclusives. However, it doesn't matter when you're like Sony or (in some cases) Microsoft who don't need as many exclusives [as Nintendo] to still push a good amount of consoles and not trail that far behind in the long run.

Back in the ol' days, exclusives literally made your decision to buy a console important because you would miss out on A LOT of good games that were exclusive versus now when you get pretty much most big releases  of the year on PS3 and Xbox 360. You're only left out in the dust if you have a Wii.