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As Sturgeon's Law states - "ninety percent of everything is crap". But, when it comes to indie games, I'd say way more than 90% is crap, due to sheer amount of games out there that are indie.

On the other hand, if only small teams (like Limbo, Mark of the Ninja or Machinarium devs) are taken into account, I'd say that good/bad games ratio may be even better when compared to AAA devs.