Not really. There was no software release in January which explains the slow month.
Things will start to take up against in March...

Nah, this generation is currently enjoying living the good life of retirement in a quiet gated community. It's not quite dead yet, though in videogame years it's about 90 years old.

There are still alot of games coming out.

Loving the grammer!

...and  the spelling.

The current generation systems should sell around 70% to 80% of their 2011 sales in 2012.
X360 sold 14 million in 2011. Expect 11 million in 2012.
PS3 sold around 15 million in 2011. Expect 12 million in 2012.
Wii sold around 12 million in 2011. Expect 9 million in 2012.

This generation of consoles is currently in intensive care with respiratory failure and BIPAP assisted breathing. Sedated with Propofol at 15ml/hr, Alfentanil at 2ml/hr and Chlorpromazine at regular intervals.

Hell no, lots of high caliber games coming out this year.

Yes! bring it on the 8th Generation!

This is a major reason I think Nintendo is making the smartest decision by launching this year. Sales will continue to drop expect them to take a huge hit this winter. If Sony and MS wait till winter 2013 they will lose a huge margin of market share. The rumors flowing right now make me believe nextbox is more and more likely coming this winter. Latest rumor is that it is only 20% more powerful then WiiU if that is remotely true Microsoft would be committing suicide to launch late 2013.

I think E3 will mark the beginning of the end. Not the end necessarily but the generation will not remain a selling force after fall 2013. It will take a major blow later this year. I'd say MS and Sony will both need to cut hardware prices this fall. Microsoft and Sony will have to drop prices to break even levels. I suspect 199$ PS3 this winter and 159.99$ 360.