Everyone is forgetting one thing here, rentals. Companies like Blockbuster can buy a few copies of a game and rent it out for over a year easily and make lots of money off of it. I have a VERY hard time believing that devs don't get a cut of that.
Also, as has been mentioned but ignored, not all games are going to cost this much and have this much marketing so making profits wouldn't be nearly as hard. Add into it that, again this part was mainly ignored, they built the game from the ground up, when they release Uncharted 2, the development cost will be less, with a larger install base, equals more money to be made.










