Their are tons of new IPs this gen:
Infamous
Assassin's Creed
Gears of War
Resistance
Haze
Dead Rising
White Knight Chronicles
Valkyria Chronicles
Afrika
Lost Planet
and tons more I can't think of right now

People must have a short memory, there are plenty of new IPs. They're not going to get the squealing and press as Zelda or MGS but that's generally how it is with popular, long running franchises. In a couple of years people will be complaining about the sequels to a lot of new IPs from this generation.

It's because of the big franchise sellers like MGS, RE5, and Mario that you have the more meaningful smaller elements...

MGS paid for Silent Hill (and kept it afloat despite more recent ones performing poorly)
Resident Evil paid for Okami and Zak and Wiki
Perfect Dark Zero paid for Viva Pinata
Unreal paid for Gears of War
Tom Clancy (games) paid for Red Steel
Mario paid for Wii Sports/Play/Fit

And so on. The unfortunate thing is that many of our true favorite games were paid for by re-hash #5. It's a price we pay for unique games that will never see finances go in the black.

And here I was thinking that one things people have complained of about the PS3 is that they launched it with a bunch of new IPs and didn't have their established franchises out on display (and for a lot still don't).

i thought the problem with the ps3 is that it doesnt have enough sequels yet

remember when gears was a big hyped new ip now its an important franchise to Microsoft and a big system seller. i think xbox 360 has done the best job with making succesful new ip this generation

crackdown
dead rising
lost planet
saints row

are all at the 1.5 mil area i think
and then they have huge hits like gears and assassins creed

I think there are plenty of new IPs this gen, but I think most of them are being overshadowed by sequels.