350 titles is a promising fact no matter how you see it. There is no way 95% of them will be 5-6/10 or below crappy games. There will be games that will suck, games that will be scored at around 7-7.5, games that will be at around 8-8.5 and games that will be at around 9-9.5.
It's not a promising fact if you're a third-party developer. People forget that games do compete with each other. Consumers' budget for games isn't infinite after all. If there are tons of games out there, while the install base remains small, then there's a good chance a publisher would lose money on a title.
When it comes to first-party titles, there's a delicate balance: you want to drive sales of the consoles with them while not eating the lunch of your partners. The fact that SCEA has all these potential AAA titles in the pipeline is not necessarily a good thing.