With multiple companies backing your hardware, you get them more than once every few months. Sony has this advantage, and Microsoft is improving their stable of key third-party developers to competitive levels. Nintendo can't compare, and they know it: that's why they make hardware that makes profit on every unit, instead of betting on players buying loads of games.
February is a bad month, since everything is focused on December and anything that was just too late hits in January. From March to May a few high profile games will hit, and then the one or two games of the summer drought. The community is constantly stretched thin, with each key release just barely reaching the next in how long it can keep you playing. I don't expect this to improve: there are good years for films, and bad. Good music patches, and then years of recycled "me, too" records and poor follow-ups.
Games are nearing (if they haven't already reached) a point of quality saturation, where any more companies would over-crowd the market, and the existing ones can't rush their schedules and still have a strong product just for the sake of having more of them. There's plenty of space for small "casual" games to slip in between the major releases, and that's the last place left for growth before things really get interesting.
