Well, eastman derailed this thread pretty quick.
Fundamentally, I'm a little shocked by how short some people's memories seem to be. First year game drought has alwasy been a thing, and is no different this generation.
Sure there will be overall less AAA games produced this gen, due to higher development costs and there being less devs and publishers around in totality than there was at the beginning of last gen. Still, the mid to end periods of previous gens have always been a pain in the ass for gamers like me that like to pick up all the best titles; since there are always so many games being released each month, and particularly in the fall.
This gen will mean less AAA games, but I doubt it's gonna particularly feel that way once all the big pubs start cranking out their sequels and generating a steady income from a stable and fairly good-sized installed base.
Watch-dog sales alone are already proving that, even with maybe total 11 - 15 million new-gen console already sold, a game can still come out and sell a metric crap load on new gen consoles.