As far as exclusives go Infamous is just around the corner and I'm expecting Cross Edge, Fat Princess, Ninja Gaiden Sigma 2, Ratchet and Clank a Crack in Time, God of War 3 (if it indeed releases this year), Heavy Rain, L.A. Noire (if it's still exclusive) and Twisted Metal (unsure if it releases this year). I say it's a pretty plump release package for 2009 not counting some games that escape my mind right now, I wouldn't call that pitiful at all unless of course you don't own a PS3 or are extremely picky about gaming.
On the 360 that I find interesting Halo 3 ODST, Blue Dragon 2 (If it indeed comes this year) and thats it.
For Wii that I find interesting Fatal Frame 4, Punch Out and Final Fantasy IV the After Years.
So, I guess I'll remain happy with my PS3 and their "pitiful" exclusives.
As for the 360 droping the ball, since they don't have their first party studios working as much as Sony's their exclusives are dependent on 3rd parties and most of them are going multiplatform, why spend so much money on a game and limit their income to just one console.
The downfall of Microsoft will be the first party studios sitting on their asses and the overspending on exclusives, imagine an "investment" of 50 million on a game that doesn't make that much in sales, maybe a game not so obvious to make a killing like GTA 4 DLC but something else. Enough of those and it's back to the red for MS. And lately this "exclusives" are just for a period of time and many gamers can wait for the expanded version on the other console.
A new console by MS would mean spending a bucketload of money on developement and it will be the equivalent of giving the finger to their loyal customer again like they did with the original Xbox.