Can Black Ops and Kinect save the game?
For an industry that is always teetering on the verge of hysteria, this is a week where the PR has reached new levels of hype.
We are seeing the launch of the "fastest selling product in entertainment industry", followed by the arrival of a technology that is going to transform our relationship with the screen.
I'm talking, for the uninitiated, about Call of Duty: Black Ops, the latest edition of the games industry's most lucrative franchise, and Microsoft's Kinect for Xbox, a sensor device which turns your body into a games controller.
But no wonder the PR folks are getting excited - this has been a pretty mediocre year for the games industry, and they are desperate to give things a lift in the run-up to Christmas.
If you want to know how well an industry which was supposed to be recession-proof has come though the last year just have a look at the share price of the UK retailer Game. A year ago it stood at £1.60, now it's hovering around 80p.
Game blamed a lack of big releases in the first half of the year and lower revenues from Nintendo's Wii, and now it's pinning all its hopes on a Christmas boost from Call of Duty and Kinect.
But what we appear to be seeing is a major upheaval in a business where nobody is quite sure where they are heading next. Some of the middle ranking operators must be wondering whether they can stay in the game. Only a few giant companies can afford to make a blockbuster like Call of Duty.
It's estimated that developing and marketing the last version, Modern Warfare 2, cost around $250m. That's fine when you've got a game that recoups more than $1bn in revenue, but as we've seen in the UK in the case of Realtime Worlds, if it under-performs it can kill a company.
Then you've got a different ecosystem where businesses like Playfish and Zynga make online and casual games on a skinny budget. A whole new breed of gamers are finding everything from Farmville to Angry Birds to Plants versus Zombies a compelling way to pass 20 minutes every day without shelling out for a packaged product at their local Game store.
On an even smaller scale, you have bedroom developers rushing to make games for the app stores now servicing hundreds of millions of smartphone users.
Meanwhile both Microsoft with Kinect and Sony with its Move motion sensor are trying to bolster their gaming platforms and take business away from the Wii. Already some of the hardcore Xbox gamers are sneering at Kinect as being useless for the kind of titles they play - which is surely missing the point.
Microsoft hopes to reach just the kind of family audience now served by the Wii and is also using the Kinect project as a laboratory for all sorts of smart technology which may end up elsewhere.
By contrast, Nintendo's console, launched as the family friendly alternative, will be home for the first time to the Call of Duty franchise - will Super Mario Galaxy fans really graduate to an 18-rated game with a Cold War plot?
To sum up, everyone in the industry - developers, publishers, console makers and retailers - is wandering around an unfamiliar landscape.
It's a world full of promise and danger, where the bold can grab unimaginable riches, where the little guy can come from nowhere to destroy an experienced player - and where the rules seem to change every five minutes. Now that could be a great game.