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The other major factor that plays a part in this is the time it takes a game developer to fully learn what the capability of the platform they are programming for really is. New techniques and engines are still, today, being developed for the Playstation, and even without the launch of the PS2 we could still have a few groundbreaking games developed for the PS1 over the next year or two.
The same learning curve has applied to all platforms in the past, going right back to the ZX80 and ZX81, but now that the conglomerates are involved, we loose a bit of quality to ensure their profits. There is now real way to avoid this, as soon as there is money involved in anything, the big businesses always step in and take control, just look at football in the Premiership as an analogy.