The complaints about "sequelitis" seem to have died down a bit over the years, as developers have proven they can effectively expand on popular franchises to the benefit of fans, and publishers can make a pretty penny exploiting IP.

Somewhat ironically, Insomniac Games, developer of Resistance 2, argues that doing sequels also give a studio a certain degree of freedom.

"Developers can hit the ground running with sequels," said Insomniac CEO Ted Price in a Reuters interview. "The game's story and art style have a solid base, the tech and tools are stable and the basic gameplay mechanics have gone through plenty of tuning in the first game."

He added, "It's certainly a liberating experience when you're no longer arguing over the main character's name, or waiting for basic systems to be implemented. The end result is usually a game that's bigger, more polished and has more innovative features than the original game."

Movie franchises often jump the shark after the first sequel, but game series tend to improve with each iteration with incremental improvements to technology and gameplay, as well as a continuation of story.

Revenue is obviously a factor as well, as publishers would have a difficult time throwing away future iterations of series like Metal Gear Solid, Guitar Hero, Call of Duty, Halo and so on, particularly when fans are ready and willing to put up the money.