You're correct that I'd agree, but only that Sega is the manifestation of a company who extends their franchises a few entries too long.
But that's only their early IP's, I'm not afraid to say I'm a SEGA fan, today. The Yakuza games are still going strong, apparently, and Valkyria Chronicles is one of my favorite new IP's. And those are developed internally, I believe. As sad as it may sound, I think they should just cut their losses and think about making games for today, because that seems to be what they're best at developing, as well as publishing (like signing Platinum Games for Madworld, Bayonetta, Vanquish).
Their licensed games ain't all that great from what I hear, though...