Well, there are a number of things to consider here:
-Hype generates extra sales. Tn the late-SNES/N64 era (which I assume you're talking about), games usually only cost at max a few hundred thousand dollars to make. When that was the case, they didn't need to advertise the hell out of every big game. Selling 50-60,000 copies made them a nice little profit, and they didn't go bankrupt if the game failed. Can't say the same about games now.
-It depends on your personal views, but I like knowing that my favourite game is, in fact, in development, even if it won't be out for a long time. I likely wouldn't have bought a Wii at launch if I didn't know ahead of time that I could get Zelda with it, or DS if I didn't know I could get a portable Mario 64. With my 360 (which I got at launch), Dead Rising, Halo 3, and Gears of War (along with Perfect Dark I admit) were what made me buy the console even though they weren't coming out for a long time. Would MS have made that sale if I didn't know about those games? Not for at least six months.
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