"Honestly, I think the lack of AAA titles also has a lot to do with a lot of the 3rd parties simply being caught with their pants down. Triple A take a lot of time to develop; Many years in fact. For them to have been announced/released by now, it would have meant that they were in development/planning before/shortly after the Wii was released. However, nobody, besides Nintendo, expected the Wii sales to be so strong, and anyone who did should be buying lottery tickets.
However, the good news is, now that the industry has seen the rise of the Wii, I'm sure many plans and budgets have been shifted and adjusted, and triple A titles should be in their pipeline (though not ready to be announced). This means soon, you should be flooded with the titles from the franchises you're familiar with, and ones that aren't just spinoffs.
Have a little patience and faith in the little white console that could. I know I am. 'Lost'" - Community Specialist of Capcom Entertainment
There certainly is validity to these words. Twilight Princess alone took years to create and went through many tweaking/perfection processes. The same goes for Super Mario Galaxy and Metroid Prime 3. It definitely is likely that AAA titles are in development if you're a believer in this type of development process.