It really depends on the game.
New IPs will often sell better as exclusives than they would (imaginably, we can't be certain) have as multiplatform. This is all to do with the marketing/bundling of the game though. Resistance: FOM or Motorstorm wouldn't have sold anywhere near as many copies had they been multiplatform, as they wouldn't have been bundled so heavily. Similarily, it's hard to see games like LBP get as much marketing as it did, if it had been multiplatform.
Established IPs, such as Halo (example, not saying its going multiplatform of course) would almost certainly sell better as multiplatform. In the case of Halo, the brand has been built. Current fans on the 360 would continue to buy upcoming releases (unless quality dipped massively of course, but that isn't to do with exclusive vs. multiplatform), except for possibly a very small number of near-religious fanboys. The sales to make up for those boycotters, as well as add more sales, would then come from the other systems the game becomes available on. They sales wouldn't double (assuming console base A = console base B) due to genre preference between consoles, as well as multi-platform system owners, but I feel certain that the sales would increase a considerable degree regardless.
To sum up, it really comes down to the IP.