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Bethesda has shown in the past that they value extra dollars from Microsoft more than they value their fans, so they're a possibility.

However, we're probably mainly talking about new IP in terms of possible exclusives, or perhaps existing IP that haven't done stellar numbers, kind of like Bayonetta. IP doing huge numbers right now wouldn't make a lot of sense, as even Microsoft wouldn't counter-balance hundreds of millions of dollars lost.

The obvious choice would be with shooters, of course, which is where the 360 had its biggest lead over the PS3 in terms of units sold. Ironically, the 720 probably has enough exclusive shooters, so more might be kind of a waste of money.