Onyxmeth said:
When the generational shift happened, and Microsoft got almost every major and minor third party exclusive the PS2 had, it split the userbase. PS2 owners bought exclusives all the time, but now most of their favorites are multiplatform. Sony's own games were typically not very dominant on their own consoles(besides Gran Turismo), but it wasn't so noticeable since third parties bulked up the list of wanted exclusives. The reason most of Sony's replacement exclusives don't do quite so hot is because so many of them are "Me too!" titles, and were built to appeal to bringing in the Microsoft fanbase, not keeping their own.
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I see it a little bit differently. I see it as the lack of M$ having a first party, so they tried to snag up every game that made the Sony brand popular so they could say "Look, we have these games too! You can buy Xboxes now!". They took the easy route instead of investing in their first party.
Now Sony's games aren't replacements, but rather new gems. And what does M$ have? Games that the PS3 has also....
Putting all companies into perspective, Phil Harrison said it best 4 years ago, I believe:
"Nintendo relies too much on their first party, Microsoft relies too much on the third parties, but Sony has a great mix of both as to appeal to just about everyone" (Funny because Nintendo is the one supposedly appealing to everyone nowadays, but you catch the drift)