Here is a Kotaku article commenting about the $60 AAA game price point. It's interesting to me that the argument condenses down to essentially, a game has to cost $60 or people think it sucks.
I buy less games because AAA titles cost $60. I don't have a lot of time to play games these days, meaning that if I buy a game, I expect to be able to play the game for a long time AND I expect the game to have high replay value in terms of multi-player or repeat solo missions. This means more content to develop and a longer production cycle, which increases the development costs. Developers then have to move more copies of a game just to break even on their costs.
This contributes to the lack or new IP and means that you get another Call of Duty and Madden game every year, because it sells. It's interesting to think about how console gaming got to be such an expensive hobby. Sounds like I have another post in the works.