I feel bad for Rare. No one talks about their new games!
But yeah MS has an issue (Sony could be there in a few years if it continues the studio shut down trend) - with the 360 they basically bought in a lot of third party titles to create exclusive games.
Problem number one with this is less and less medium to big sized studios means its
Problem number two with this is games are costing more, making it much more expensive to fund.
Problem number three is two fold, firstly studios want to make franchises in order to ensure their long term future beyond one game, that means a wide audience to create a fanbase; so MS have to pay quite heavily just for a third party games exclusivity (hence the rise of timed) - secondly its more difficult to find studios not working on pre-existing franchises and who can afford the risk of starting to develop games that MS might be able to look to fund.
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They really need to grow Microsoft Studios and generate more new ideas from there. What I think we can expect in 2017 is Halo Wars, Forza, and probably a Gears announcement for release in 2018. Bout it.