So lets get this right. Activision, having shat the bed with Guitar Hero already and seen that franchise die of over use and fatigue have managed to do the same for COD.
Every year COD brings nothing new to the table and now Activision are going to be relying on the Bungie IP that may or may not bring mega success. I know the whole COD Elite crap is trying to make COD more like WoW whereby Activision have guaranteed revenue from hardcore players, but the bread and butter is still about shipping 20m copies of a $60 game (or 10m copies of a $100 game in the case of GH).
Without COD I don't see where Activision go. EA still have their annual bankers like FIFA and Madden from their sports divisions and they have invested heavily in original content for a good few years now, and that strategy has borne some fruit. The massive overpayment for BioWare could even work out with ME making it much bigger than most expected.
For Activision, they have no real original content coming out from their own teams, they have an EA Partners style agreement with Bungie for a game (but that won't be anything to write home about in revenue terms, I expect Bungie negotiated a very good deal there coming off Halo) and their massive IP has started faltering. Good thing Blizzard are bringing considerable heat with Diablo 3 this year because the picture for Activision is looking rather bleak.