The lights are on
Every form of media has its sequels. The Empire Strikes Back, The Two Towers, NCIS: Los Angeles... the list goes on. However, video games take this to a whole new extent. Let's take a look at 2011's high profile releases:
If you haven't noticed by now, every single one of those games is a part of a well-established franchise. Not one is completely new; every one is a sequel. Now, many people look down on this; they criticize franchises that put out too many sequels, and lament the lack of new IPs. They fear that the industry will collapse. But there is no reason to worry; you need not fret, for several reasons.
Firstly, games are still being innovative and unique, even if they are a sequel. In movies, you really can't change much besides the actors, plot, and musical score. It's really easy for the story to get old, and there are a lot of franchises that suck after the first movie (Transformers comes to mind...). But with games, there are so many variables that can be edited. Graphics, gameplay, difficulty, musical score, voice actors, length; even the genre the game is in can be changed. Metroid Prime is very different from Super Metroid, even though they are in the same franchise. Super Mario 64 is radically different from the original Super Mario Bros. Skyrim is WAY more advanced than the first Elder Scrolls that came out back in 1994. Games continue to change things up, and it keeps it fresh.
Second, there are several recent IPs still out there. Portal, Batman, Assassin's Creed, and Uncharted were all started this console generation. Though that may seem like a long time, it's really not when you realize that Mario and Zelda have been around for more than 25 years. These franchises don't need to evolve yet, as their current concepts have plenty of life in them.
Lastly, if you really need a breath of fresh air, you can just play some indie games. They are easily accessible, on XBox, PS3, Steam, and even the 3DS. Games like Minecraft, Terraria, Pushmo, Bastion, QUBE, and Cave Story all have unique concepts and are just downright enjoyable.
This all being said, there are namely two franchises which could do things a bit different. Assassin's Creed has been coming out pretty much yearly since its birth, and I think it could use some more time to "cook in the oven", so to speak. Also, Call of Duty really needs to evolve more. I can see very little differences between Black Ops, MW2, and MW3, especially gameplay-wise. I know that it's really just a money sink for college kids, but I would like to see some more unique concepts coming from that direction. In addition, I find the whole idea of re-releases to be kind of stupid. If it's a remake, that's one thing, but the 4 different versions of Street Fighter 4 is kind of ridiculous.
All in all, though, enough great, unique gaming experiences are coming still, even if in the form of sequels. There are exciting days ahead, and all can game how they desire.