So far this gen we got:

Gears

Resistance

Uncharted

Mortorstorm

Crackdown

Dead Rising

Condemned

Dirt

Rock Band

Saint's Row

Skate

Overlord

Bioshock

Lost planet

Mass Effect

No More Heroes

Which of the upcoming IP's or some released this year will be future franchises?

My list:

Wet

Brutal Legend

Baronyetta

Blur

2 Days to Vegas

Alan Wake

Heavy Rain

Edit: Yes I kno I messed up the title but there's no edit button for that.

Borderlands

Dante's Inferno most likely.

Not Heavy Rain and not Brutal Legend, the reason Activison dropped the latter was because of its lack of franchise potential

I know it is kind of cheating, but I reckon Rocksteady will create more Batman games, so if you count Rocksteady Batman games as a franchise.... And no I doubt it will be Arkham Asylum 2

Blur certainly has a chance, but I hope not because it is Activision.

White Knight Chronicles, I know it has already released in Japan. I also think MNR could become a franchise, Mod Nation Franchise

I'd say Bayonetta or Alan Wake are the most likely.

Because of nature of the game already (episodic chapters within the 1 game) could lend itself to sequels depending on how far the game gets into the mysteries surrounding the town in the first game for Alan Wake.

Bayonetta could easily be DMC Mk 2.

I think Wet is not looking too good as a likely candidate. I don't know why but it feels like a movie game (like Wanted).

Add:

White knight Story

Valkyria Chronicles

Can't see HR or AW getting sequels.

I can definitely see Bayonetta.

Dragon Age has potential to become a franchise.