Thats a given for almost all first gen consoles. Nintendo's, Sony's and MS's most successful IPs all were part of the first gen library of titles including Mario, Zelda, Halo and GT. Only handful of new IPs garner enough popularity to be deemed elite are introduced every generation on new non first gen consoles. Gears, Golden Eye, Wii Fit and DMC are examples of this phenemnom and there is a tendency for the excitement of those titles not to carry beyond to the next gen especially when they are not first party. Third party franchise with long histories make up the rest. GTA, FF, COD and MG are all examples of being around longer then the console that they reached mass success on.
One big difference from this gen from most past gens is that there is no new first gen console this time with a bunch of new IPs being hyped to promote the console. There was the Xbox with Halo last gen, PS1 with GT the gen before and even though Sega had the master system before the Genesis, the Genesis along with Sonic was the first successful foray into the US by Sega.
Non first gen hardware has always had a hard time establishing new high profile titles, first, second or third party in any sort of huge numbers. Its an historical trend for console makers to lean on the IP or IPs originating from first gen hardware to push new gen consoles. Sony's problem is that they tried to flood the PS3 with a bunch of new IPs hoping to make up for all the defections to multiplatform. Sony's userbase has been used to helping themselves to GT, MGS, FF, GTA and a handful of other titles, they weren't going to suddenly flock to a bunch of new IPs just because they were exclusive to the PS3 and made by Sony. The Wii and 360 would of experience the same problem if they delayed their top end franchise years into the gen cycle and tried to compensate with a bunch of new unproven IP. One of the smartest thing MS did was to provide a bunch of proven franchises like GRAW, Morrowind and R6 to the 360's first year library. Sony had much less success with the their new IPs.
If you buy a 1st gen hardware, you generally pretty excited about experience new IPs, but if you buy a console from an established manufacturer, you more than likely wanting to play new versions of IPs that the console is known to offer.