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Yes, the time and budget constraints to make games for this gen, coupled with the decrease of studios and publishers, are the weakness for all 3 console makers of this gen (maybe with the exception of Nintendo, since the Wii U is slighlty cheaper to develop for).

4 years from now, the ps4 and xbox one will have games, but their wont be as many as their were in the first 4 years of the 360.  Developers need to learn to make video games again, and not video art that they seem to like shoveling out each year.