There've been lean years before. I think the dev cycle is getting longer for PC games, though, which won't help.
At the same time, there are a few games that look interesting out this year:
Total War: Empire is the obvious one for me. Hard To Be A God looks very intriguing. We've already had Soulstorm and Kane's Wrath. StarCraft 2 is due. So Blonde looks like being fun. Battlefield Heroes looks like being funny - AND free. Sacred 2: Fallen Angel is due. Europa Universalis: Rome will be out. Tomb Raider: Underworld is due for a Xmas release.
Some of those I'm more interested in than others, obviously, but this actually looks like a pretty good year for games, to me. Especially as there's undoubtedly a ton of stuff I don't even know about yet...
