No, because the development process takes a lot longer than a year. Often times individual teams within the company are developing the 'next game' simultaneously, just at a slower pace/later start date. Sure, there is the issue that some games are becoming stale (Ubisoft's open world formula is probably the biggest I can think of) but that really does boil down to personal opinion. For me, I love the way they do open world games, namely the Assassins Creed series. Then there is also Call of Duty, which in the eyes of many does churn out the 'same game year by year', though the quality of the games does change with the developer - Infinity Ward, Sledgehammer and Treyarch are the companies developing each years'. So no, I don't think annual releases are bad, after all a year is a fairly long time, but I think the staleness attributed to the same formula is often solely personal opinion, rather than any measured effect.