I think there is a nice balance of both sequels and new IPs. I personally can't see video gaming without the guarantee of new FF, GTA, RE, MGS, GOW (both series) sequels. At the same time, there have been many new series that have just begun during this generation. Most of them will have sequels of course, but its actually pretty sick to see how many great new games have come out recently:
Assassins Creed
Gears of War
Mass Effect
Uncharted
and of course all of the crazy new games that use the Wii's peripherals.
I wish Heavenly Sword still had a chance of getting a sequel :(.