Is that so bad?
The bigger the developer base (which to be fair, I've never quite understood, since the PS2 was a complete pain to code for, compared to the other two current gen consoles), the bigger the variety of games available for the console. Everyone likes to jump on Sony for being the king of unoriginal sports/shooting/fighting games, but they've got a far more varied catalogue than a lot of people give them credit for. Their consoles gave us PaRappa, Silent Hill and Resident Evil, the GTA series, ICO, DDR, the eyetoy, Katamari Damacy and Shadow of the Colossus, all of which were or remain innovative games for their time. Personally I think the PS2 has easily the best range of genres and types of the current generation, covering both the innovative and quirky games (Nintendo's forte), and the more 'generic' actiony games (ala Xbox).
Sure, we can't predict what new, amazing titles the PS3 will have, but that's true with absolutely everything, because hype will always exist far more for established games than new ones, since you know what you're getting. If you like the MGS series of games, for example, you know you'll probably enjoy the next instalment on the PS3, thus you get excited about it, and follow its progress. Conversely, you have no idea how a game you've never heard of will actually play, so you'll be wary of getting any hopes up. Can you actually name any 'new' games (ie, not the next Zelda/Mario) for the Revolution that you're looking forward to? Probably not, for the exact same reason. All you really have to get excited about is the potential the controller has. That's no knock on the Rev btw, I'm as excited about it as anyone, it looks ace, but the old "There are only sequels on the horizon" chesnut is such a over-used fallacy.
The main bad mark I'd put against the PS3 is the apparent lack of a centralised online system, which could definitely hurt it. But I'd expect that many developers will look at the success of Live and implement online play into the games themselves. Live still isn't that big a draw though, despite what the make up of this forum would have you believe. Most people still buy consoles irrespective of any online service, so it's not the be all and end all. I expect that Sony's brand name and the popularity of the PS2 will probably make up for the lost ground to the 360, not to mention that Sony's PR are marketing geniuses.