I was visiting the Black Ops forum and noticed an Xbox360 community update from Treyarch. As any of you Black Ops owners know there are some bugs with the game right now. Bad matchmaking, a couple small glitches, leaderboard numbers, problems with parties to join servers together (360). Those have all been addressed. What I found interesting and what I thought was the case from the beginning is the online player numbers were way off. Treyarch patched the bug and the online player count is now accurate. After reading this I hopped online to check out player count and it was only at 746,000 players. Quite a big drop off don't you think? So now we see that although this game is huge, its not the monster we thought it was. The online count is right about the same as Reach was when it first came out.

I thought it was weird as hell seeing 5 Million people playing at once

explains, PS3 got up to 700,000 tho